Real Estate Mom,
as recommended your BK Attorney can answer this question. Most individuals think filing a bankruptcy will stop a foreclosure but they are worng, filing a BK only delays the foreclosure.

A good BK Attorney will know this is a good time to negotiate a loan modification, or work with a Realtor specializing in short sales if there is no equity. You can have the property abandonded out of the BK to conduct a short sale. It's critical to hire a Realtor that is trained, certified and experienced in short sale. That Realtor has to have an Escrow Officer that is also experienced in closing this types of transactions.

Here are some of the benefits of doing this, #1 It will give you the time you need to save more money. #2 The tax ramifications could be less with a successful short sale. #3 With a successful short sale your wont have to report a foreclosure on all future loan application, which could cause you to pay higher interest rates.

If you would like more information on how Jennifer and I could work with your BK Attorney, please contact us at 661.290.3837 You can also go to our website http://www.riccosellshomes.com and click on the Short Sale FAQ's link

The best advice you will get is from an attorney.

California has in effect a 90 day moratorium on foreclosures that started on June 15, 2009. Check with your attorney to see how that might affect your case.

Bob Khalsa
Broker
United America Realty

You better talk to you attorney. If you filed chapter 7 and your debt has been discharged or it was determined that there was no equity the bank can get a motion of releif. If you do not want to keep the house and are just trrying to delay the process to obtain funds for your next residence your choices are limited to none.

If you are willing to stay in the property the banks will be willing to talk to you about a modification or other options. Your bankruptcy attorney may even be able to discuss the possiblity to file a chapter 13 and what that will do for you.

Wish you luck but time is running out!


Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin

Real Estate Mom, YOur bankruptcy attorney should be able to gve you some clearer answers than we might. One thing though, usually when the house is foreclosed upon you still have some time until you must move. The bank gives you a bit of time, and then often will do what is caled "cash for keys." They will come to your house and offer that if you are moved out by a certain date, they will trade you a specific amout of cash when they see you are indeed moved out. Sometimes the amount they will give you is a bit negotiable, just to let you know.

Good luck, I know this is a devastating thing to go through. I wish you a quick financial recovery!

Patti Phillips
"Advice You Need, Attention You Deserve"
800-680-9133 or 619-507-2100