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Chapter 7 BK short sale??

Posted by toni blount on December 5, 2012 at 4:45am in Short Sale Discussions
Short Sale Superstars 0 0 Delete Chapter 7 BK short sale? by toni blount 15 houSeller filed Chap 7 Bankruptcy & Seller filed Chap 7 Bankruptcy and is fully discharged. Trustee removed seller's primary residence & investment property from BK filing stating "Chapter 7 Trustee has abandoned his interest in the properties." Both properties are underwater. Seller has decided to keep his primary res & wants to do a short sale on the investment property that has 2 loans: Chase, 1st lien holder, 2nd PNC HELOC. Can I move forward with short sale?

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Replies

  • toni blount December 5, 2012 at 6:33am
    Trustee removed both props from Bk saying "trustee abandons any interest in properties". to me this means that both props underwater & trustee didnt want respons to liquidate. Is my thinking correct?
  • Smitty December 5, 2012 at 5:17am

    Yes you can do a short sale, but the second property must be fully discharged BEFORE you get short sale approval

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