RE: LEGAL ISSUES/SS
I am in the process of negotiating with a client that has about $30,000 left on his mortgage and $5,000 in arrears. The value of his apt. is around $70,000(based on comps). He is in the process of filing for Chapter 7(I am not sure of all the specifics of why Ch 7). His apt. will be up for up for Sheriff Sale next week. Now I am about to start to negotiate with the mortgage company for a Short Sale.
1. is this the right approach?
2. Is there any legal issues from my end on Chapter 7?
Thank you in advance!
Joe Larkin
I'm not clear why he would elect a Chapter 7... but apparently his attorney must have a reason.
The bankruptcy will put the brakes on your transaction.
At the very least, you'll need the Bankrupcy Trustee's permission to proceed... but the equity will be sought by the Bankuptcy Trustee to pay the other creditors... if any.
[addsig]