Shortsale And Bankruptcy
Hello,
I have an owner who has a first and second with Countrywide - about 120k in loans, house is worth about that. House in good condition. They no longer live in town, house has been empty for several months, and auction is sometime in August.
They have filed bankruptcy, and just want to get rid of the home. listed it for several months but no bites, no longer listed.
Because they have gone through bankruptcy, anything I can do?
And, the house shows really well, except for an overgrown lawn, worth attempting a shortsale?
Thanks,
Michael
The Bankruptcy was a chap 7, filed Sept. 03, discharged Dec. 2, 2003. Closed in Feb,
2004.
Michael
Bankruptcy should not be a factor.
Most important short sell questions.
1) what is the payoff of each lien against the property
2) what is the AS-IS value of the house
3) what repairs are required and what do they costs
4) what is the after repair value of the house
Yes, you can request from the US BK Court that you want to sell the house. They will give you a letter and then you can sell it. Also you need to check with your state laws but the homeowner is allowed to sell the property up till the auction sale. Also the lenders can get more flexible as the auction sale grows closer.
this helps Me a lot I am beginer and you gave Me great info Thanks a lot I am very thankfull fot it.
what happens then when I talked to the lender they let Me take over the payments or I have to find other mortgage company to finalaze the deal and what about the owners of the house they would have to move out or else ,or they have to agree to sell the house to Me I am just not clear on this .Thanks a lot again for response.
Ok the Short sale pro cleared Me on the money ,thanks.To make My question simple : what is the next step after I talked to the bank and I got a deal with them ? will the bank cancel the auction knowing that I will buy the house ,since I have 30 days to close the deal and the auction is scheduled in two weeks?Thank you again.
One more thing how would the autorizathion from the home owners look like?thanks.
Presumably, you are asking about a first position mortgage... since a junior foreclosing lienholder might be more receptive and willing to facilitate the proposed transaction.
If you have met all the criteria for mortgagee preforeclosure short sale consideration (executed contract, HUD1, mortgage prequal or commitment, etc.)... and they are satisfied with your proofs for closing... they have the capacity to postpone the sale.