Short Sale & Chapter 7 BK
Owner has been discharged from Chapter 7 BK, but mortgage debts (1st + 1 HELOC both with Chase) were not reaffirmed, which if I understand correctly means he is no longer liable for?
If so, what is the strategy for negotiating SS with lender? Who is the owner in this case? Is a SS even do-able?
The first is a VA guaranteed loan .. will the lender discount more than 88%?
The sale date is still scheduled for end of Sep and still list owner as grantee on Deed of Trust.
Advice .. pointers appreciated. THANKS!
The owner is the owner until he is no longer the owner.
The owner can try to reaffirm the mortgages, offer a DIL, or try a preforeclosure sale or preforeclosure short sale.
The owner can list the home for sale and contact the lender for a workout, specifically asking for short sale consideration.
How can secured debt be discharged?
It seems that the Chap 7 trustee would sell the sell the mortgage
or
The bank would be granted relief from the stay, and foreclose.
http://www.moranlaw.net/secured7.htm
(I have been stalking Chapter 7 Trustee sales for all sorts of stuff.
100K judgment for $500
royalty rights to 2 oil wells
etc.
cjmazur --- I just saw your link to MoranLaw site -- THANKS!!
The security to holder is still "protected"...
Thanks.