Foreclosure in 90025>Question Details

Marty Mandel, Home Buyer in Minneapolis, MN

If when I filed for Bankruptcy chapter 7 and I did NOT reaffirm my home, will I be subject to a deficiency judgment? In Minnesota

Asked by Marty Mandel, Minneapolis, MN Wed Jan 30, 2013

I am in the process of selling my home in a short sale with a possible purchase agreement in play

Help the community by answering this question:

Answers

5
Douglas Perez (213) 200-7114’s answer
For your legal question, you can call this bankruptcy office at (877)793-2756 or check out this website http://avvo.com both of them can give free legal advise nation wide.

Good luck!
0 votes Thank Flag Link Wed Jan 30, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Jul 7, 2013
You must have had a lawyer when you filed for Bankruptcy, why don't you ask him?!
0 votes Thank Flag Link Wed Jan 30, 2013
I am in California and there is no deficiency judgement claim in short sales here... I do not know in Minnesota...

What I do know is that USC Chapter 11, which covers bankruptcy is a federal law... if you received a discharge, then any and all debts covered in your BK (whether you reaffirmed it or not) are... well discharged... meaning you are no longer legally liable for them thus you cannot have a deficiency claim... as a matter of fact it is against the law if they try to come after you... note that the lien on the property is still valid and they can foreclose on the property, but cannot do anything against you personally...

I am not a licensed attorney, so yuo should consult with a licensed attorney (the one who did your BK) if you want a legal answer...

Best of luck and congratulations on your fresh start... make it count!
0 votes Thank Flag Link Wed Jan 30, 2013
legal questions, best to ask an attorney as real estate agents are not allowed to give legal advise.

good luck!
0 votes Thank Flag Link Wed Jan 30, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer