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Andre, Home Buyer in Big Bear Lake, CA

Can seller of a single residential property short sale & at the same time file forbankruptcy & integrate the house in the bankruptcy?

Asked by Andre, Big Bear Lake, CA Wed Sep 15, 2010

Can seller of a single residential property short sale & at the same time file forbankruptcy & integrate the house in the bankruptcy?

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Answers

3
You do need to talk with your bankruptcy attorney.
The way I understand it, is the house will need to excluded from the bankruptcy to be able to do the short sale.
0 votes Thank Flag Link Thu Sep 16, 2010
For an accurate answer, it's best to consult with your attorney--he/she can best advise as it relates to your specific situation.
0 votes Thank Flag Link Wed Sep 15, 2010
Andre,
This is a legal question, so for a definitive answer you'll need to speak to an attorney. My understanding is that once a house is included in BK, all negotiations for a short sale stop. I went through this a couple of years ago and had to resubmit my short sale package. After that we went through months of confusion as I was told the home was in the short sale department, and was in the BK department and no progress was made. In my situation, my seller eventually got out of his BK and we were able to proceed to closing.
0 votes Thank Flag Link Wed Sep 15, 2010
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