Almost ready to go an Homesearch.com , have a good buyer, and owners just filed for Bankruptcy.
I asked Attorney to keep the house out of the bankruptcy , but said without the house they would not qualify. Home is not yet in foreclosure. No NOD filed yet. Attorney said Nationstar will soon stop; communicating with me when they receive the notice, but that I should keep on working with them toward approval Have any of you had a bankruptcy that where Nationstar will allow a shortsale right after completion. . Did you have to start all over? The buyer Is willing is to wait 3 to 4 months for the house. The property is in California.
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I hate to add more sorrow to your woes, but you've got more problems with this than the pending bankruptcy because it's Nationstar. Unless the investor is a GSE, Nationstar will send the home to an online auction, which will delay the short sale and, if the ultimate buyer does not participate, it will take even longer. Once Nationstar gets the notice of BK, the short sale will stop. You can't pick it up again until the discharge is filed and recorded and you get a copy of it. It will start over.
I am representing the seller. I was just told of the bankruptcy on Friday while I was in the house with the Nationstar appraiser. I have not given the seller any advise one way or the other. The attorney said he would call me this week. .I have been in the biz 37 years and have never had anyone file bankruptcy. You just keep learning as you go along.
Oh my so much misinformation.. Mary, when someone files BK and they have an attorney, Nationstar only requires a letter from the attorney stating he is giving Nationstar authorization to communicate with the seller and their authorized 3rd party (agent) and that he is acknowledges the seller's desire to do a short sale. You cannot close the sale unless the BK is discharged or dismissed. In the past, I have been successful in "pulling" some short sales from their auction process. I am in California also so if you need more information you may contact me
Tony Morales
TM Short Sales Consulting
909-239-2322
I would go ahead a file the RMA paperwork for short sale. This will start the short sale process. Remember that foreclosure requires a law date and sale date. Once the law date passes (becoming bank owned) you can't do short sale. Hope this helps.
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