Please call me right away. I have been handling short sales longer than most agents even knew what a short sale was. I have been extremely successful with a higher closing ratio than I have seen with any other agents. Many agents actually come to me for advice with short sales because I am very well known as short sales being my expertise. I have actully handled short sales for sellers involved in a BK as well. I am familiar with this process and know what it takes to work through it. It is definitely possible to do the short sale even though you have the BK. The bank will typically work with you more in this case as well because they know the BK is a serious proof of hardship.
Please call me on my cell at your earliest convenience and I would be happy to discuss your situation in depth. Hope to hear from you soon!
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
While in a Chapter 13, to do a short sale, you would have to not only obtain your lenders approval on the short sale but also court judge approval to proceed with the short sale. This adds an additional step and additional time. The court approval will add approximately 30-45 days and by that time the bank approval of the short sale that was issued prior would be expired and null and void. The other option would be to dismiss your chapter 13, short sale the home, and then re-file as a chapter 7 to include the mortgage debt and possible deficiency from the short sale since the purpose of the BK is to put all the debts behind you. That is if you qualify for the chapter 7.
You MUST consult with a bankruptcy attorney as I am not one, however I do speak from personal experience.
I am a Certified Short Sale Professional and deal with this on a daily basis. I am a top short sale agent in my company as well as in Las Vegas and pride myself with the most up to date knowledge.
I look forward to assisting you in your transaction.
Realty Executives of NV
The deficiency judgment is a possibility, however it is something that could be worked out with the lender. In fact coming up it may be less of a concern.
There is a Supplemental Directive supposedly to be in effect April 5, 2010 that may be able to help your situation being rolled out by the federal government.
As I said before, I would be happy to help you find the best answer.
There are many concerns homeowners are going through, and having an educated Realtor assist you is your best bet, as every situation is different.
Also, I am not trying to put anyone down here, but being from the midwest, If you are to take advice from an attorney make sure that they are a licensed Real Estate attorney in Nevada. Nevadas laws are very different from other states with regards to real estate.
Good luck, let me know if I can be of more help.. For more information about the HAMP and HAFA programs email me at email@example.com, or I should have them up on my website very soon at http://www.myrealtorlasvegas.com or http://www.lasredrock.com
Do NOT use a "fly by nighter" who simply wants to list your home so their phone will ring with potential new buyers for their business.
I can actually profile the agent(s) you choose to interview and I can tell you how much business s/he has done since they have been in business. An agent with a lot of transactions under his/her belt may indeed carry with him/her more proficiency at helping you actually accomplish your goal(s).
There's hope my friend.
You will also want to make sure you understand the implications of a short sale to your credit and to a potential deficiency judgment you could receive. Many folks short selling their homes were either deliberately not told by their agent or it was an oversight, but regardless, having a potential debt chase you around came as a surprise to millions in the United States.
Sounds like you have many issues going on at once. You need to also discuss with your CPA. A short sale may or may not be possible with your situation.
A Real Estate attorney would be the best route to go for a consultation.