I have an owner who has a 1st with Chase and a 2nd with First Bank. The 2nd had a law firm file suit to get a judgment on the owner of approx $60,000. The owner filed a Chapter 7 bankruptcy and received a discharge. The law suit by the 2nd was wiped away by the discharge. Now the owner wants to short sale the house, (his personal residence.) Will the 2nd be able to threaten a law suit when we need to negotiate the amount to no more than $6,000.00?
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We often find ourselves in treacherous waters like this. We often work hand in hand with an attorney who specializes in bankruptcy and short sales. They handle the bankruptcy aspect and we handle the short sale processing aspect. Bankruptcy's can often add additional complications to the short sale process. You may want to look into working with an attorney who handles bankruptcy's and short sales.