Comments on: Question about Short Sale Situation & Bankruptcy http://www.financiallyfreelandlord.com/question-about-short-sale-situation-bankruptcy/ Get Your Questions About Real Estate Investing Answered Wed, 28 Jul 2010 19:25:04 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Cindy Glenn http://www.financiallyfreelandlord.com/question-about-short-sale-situation-bankruptcy/comment-page-1/#comment-29 Cindy Glenn Tue, 07 Jul 2009 18:09:38 +0000 http://financiallyfreelandlord.com/?p=190#comment-29 In most cases, the sale would not complete until they are out of BK, unless the judge allows it. Sometimes they will. The court would have to be petitioned to ask for the sale to continue while they are in the BK. Of course, any liens against the house would have to be satisfied in the sale. So, yes, they should run a title report to be sure what liens are showing up. In most cases, the sale would not complete until they are out of BK, unless the judge allows it. Sometimes they will. The court would have to be petitioned to ask for the sale to continue while they are in the BK.

Of course, any liens against the house would have to be satisfied in the sale. So, yes, they should run a title report to be sure what liens are showing up.

]]> By: Kim Lewis http://www.financiallyfreelandlord.com/question-about-short-sale-situation-bankruptcy/comment-page-1/#comment-28 Kim Lewis Tue, 07 Jul 2009 18:03:33 +0000 http://financiallyfreelandlord.com/?p=190#comment-28 If the shortsale has not been approved yet this may cause a problem. When a Lender is approving a shortsale and a seller files bankrputcy it brings the shortsale to a halt until the bankruptcy shows a release which is normally 3 months. This protects the Lender because they just want to make sure that if they accept a shorted offer, they want to make sure they actually get their money. If the shortsale has not been approved yet this may cause a problem. When a Lender is approving a shortsale and a seller files bankrputcy it brings the shortsale to a halt until the bankruptcy shows a release which is normally 3 months. This protects the Lender because they just want to make sure that if they accept a shorted offer, they want to make sure they actually get their money.

]]> By: Carolyn Garrett-Brown http://www.financiallyfreelandlord.com/question-about-short-sale-situation-bankruptcy/comment-page-1/#comment-27 Carolyn Garrett-Brown Tue, 07 Jul 2009 18:02:15 +0000 http://financiallyfreelandlord.com/?p=190#comment-27 Nice article. Ch. 7 or 13 normally is handled by a court appointed trustee and the home can be sold after petition is filed and ruling made on debts. But here is the deal, chapter 11 bk does have different guidelines, so first off, that needs to be clarified. If indeed the home is in BK7 or 13 workout packet for shortsale, can be introduced to the trustee and neq. can start if they know upfront. Short sale , ya, but what about junior leins, that would hold this thing up. Unless the jr. lien is the lien foreclosing. Interesting , keep us updated. Nice article. Ch. 7 or 13 normally is handled by a court appointed trustee and the home can be sold after petition is filed and ruling made on debts. But here is the deal, chapter 11 bk does have different guidelines, so first off, that needs to be clarified. If indeed the home is in BK7 or 13 workout packet for shortsale, can be introduced to the trustee and neq. can start if they know upfront. Short sale , ya, but what about junior leins, that would hold this thing up. Unless the jr. lien is the lien foreclosing. Interesting , keep us updated.

]]> By: Santiago Arzate http://www.financiallyfreelandlord.com/question-about-short-sale-situation-bankruptcy/comment-page-1/#comment-26 Santiago Arzate Tue, 07 Jul 2009 17:59:49 +0000 http://financiallyfreelandlord.com/?p=190#comment-26 Well first a ch. 11 is for a business not a individual I believe...now if it affects the investor buying I would say...it depends on were the loan is in process to the BK. If the house is included in the BK and NOT REAFFIRMED and the BK is accepted in the courts then the property becomes property of the BANK who is carrying the mortgage and this could effect the buying investor from buying since he would have to wait on it being assigned to a listing realtor who handles the foreclosed properties for that Bank. Now, on the other hand if the BANK is aware that the borrower is filing ch. 7 they would be more inclined to proceed with a short sale and negotiate a price that might interest the buying investor. This of course would have to happen asap for it doesn't take long to file a BK. Well first a ch. 11 is for a business not a individual I believe…now if it affects the investor buying I would say…it depends on were the loan is in process to the BK. If the house is included in the BK and NOT REAFFIRMED and the BK is accepted in the courts then the property becomes property of the BANK who is carrying the mortgage and this could effect the buying investor from buying since he would have to wait on it being assigned to a listing realtor who handles the foreclosed properties for that Bank. Now, on the other hand if the BANK is aware that the borrower is filing ch. 7 they would be more inclined to proceed with a short sale and negotiate a price that might interest the buying investor. This of course would have to happen asap for it doesn’t take long to file a BK.

]]> By: Aimee Dauphin http://www.financiallyfreelandlord.com/question-about-short-sale-situation-bankruptcy/comment-page-1/#comment-25 Aimee Dauphin Mon, 06 Jul 2009 21:25:26 +0000 http://financiallyfreelandlord.com/?p=190#comment-25 The only thing that will affect a buyer would be if there are any liens other than the mortgage on the property. If the buyer uses a title company to perform the closing all those liens should be cleared and there shouldn’t be any issues. The only thing that will affect a buyer would be if there are any liens other than the mortgage on the property. If the buyer uses a title company to perform the closing all those liens should be cleared and there shouldn’t be any issues.

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