INFO ASAP TO UNDERSTAND MY SHORT SALE IMPLICATIONS
HI,
I'M BRAND NEW TO THIS FORUM AND NOT FAMILIAR WITH LEGAL IMPLICATIONS I'M INVOLVED IN.
I GOT LAID OFF MY JOB, AND HAVE MISSED THE LAST 4 MORTGAGE PYMTS ON A LOAN OF $260K. BECAUSE I DON'T HAVE ANY CASH FLOW, I'M GOING TO FILE A CHAPTER 7 (IN COLORADO) TO CLEAR MY DEBT AND START OVER.
I HAVE AN ATTY ON THE CHAPTER 7.
I WAS TRYING TO SELL THE HOUSE TO AVOID THE WHOLE MESS, BUT REAL ESTATE VALUES HAVE DECREASED-AND I'M IN A NEGATIVE EQUITY SITUATION--WITH NO TAKERS.
I SHOWED THE HOUSE TO AN ATTY-CPA, SHE ADVISED I ISSUE HER A LIMITED POWER OF ATTY TO NEGOTIATE A SHORT SALE (SHE WOULD BUY THE HOUSE AT A DISCOUNTED RATE ), AND I WRITE IT OFF ON THE CHAPTER 7.
I REALLY DON'T UNDERSTAND THE IMPLICATIONS OF THIS SITUATION, LET ALONG IF THERE WOULD BE ANY WAY THE MORTGAGE COMPANY COULD PROSECUTE FOR PREPAYMENT PENALITES OR SUCH.
YOURS IDEAS AND EXPERTISE WOULD BE GREATLY APPRECIATED--
THANKS,
RICHIE
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