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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: short sale in bankruptcy Posted by Craig in LA on June 07, 2009 at 10:31 AM In Reply to: short sale in bankruptcy posted by Question on June 03, 2009 at 3:39 PM : Client went bankrupt and a mortgage debt has just been discharged. Client's name is : in title and he is in possession of the property. No foreclosure is scheduled. Can a : short sale still be done? Is it ok for client to hire a realtor to list the property for a : short sale? I believe the benefit for client would be that he can get a loan in 2 years as : of 5 years if he forecloses. Any comments will be appreciated. Thanks. After bankruptcy discharge you are free to do what you want. The bk stay has been lifted, so you are now playing beat the clock as far as the foreclosure goes. You may want to get the agent or homeowner to notify the bank so the bank does not sell the property out from under you at trustee sale. Goes on all the time. Also, under current FHA lending rules, BK freeze is two years, but short sales are "transparent" with no freeze period. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Client went bankrupt and a mortgage debt has just been discharged. Client's name is : : in title and he is in possession of the property. No foreclosure is scheduled. Can a : : short sale still be done? Is it ok for client to hire a realtor to list the property for a : : short sale? I believe the benefit for client would be that he can get a loan in 2 years as : : of 5 years if he forecloses. Any comments will be appreciated. Thanks. : After bankruptcy discharge you are free to do what you want. The bk stay has been lifted, so you are now playing beat the clock as far as the foreclosure goes. You may want to get the agent or homeowner to notify the bank so the bank does not sell the property out from under you at trustee sale. Goes on all the time. : Also, under current FHA lending rules, BK freeze is two years, but short sales are "transparent" with no freeze period. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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