Replies to This Discussion

Permalink Reply by ElizabethWeintraub00697006LyonRE on June 7, 2015 at 1:18pm

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.

Permalink Reply by Mark on June 7, 2015 at 1:24pm

Are you representing the seller? Because holding an over-easy property out of a bankruptcy proceeding isn't in the seller's best interests. After a ch 7 bankruptcy, the "seller" isn't on the hook anymore & any action they take to "help" dispose of the property (like filling out a disclosure statement) could put them back *on* the hook to the new buyers. Even encouraging them to leave before eviction could be construed as bad advice - their credit is already hosed from the BK - moving out before the bank reclaims ownership is just foregoing "free" rent. Doesn't sound like you're representing this seller as a fiduciary.

Permalink Reply by Mary Ferris on June 7, 2015 at 4:14pm

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. 

Permalink Reply by Tony Morales on June 19, 2015 at 4:55am

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

Permalink Reply by Ray Sande on October 2, 2015 at 7:32am

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.