Home Selling in Joliet>Question Details

Marie, Renter in Joliet, IL

My husband and I are in a short sale and have a contract with a realtor since then we have filed for chapter 7 should we still be doing a short sale?

Asked by Marie, Joliet, IL Sat Jan 8, 2011

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5
The title company will not allow the transfer without court authorization of the sale. Your bank won't mind the short sale (since they're getting some money), but the other creditors might object. Good Luck.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Mon Jan 10, 2011
#1 consult with your attorney! Then, let the trustee know that you are trying to short sale the home when you go to the 341 interview. They will usually sign off on the transaction at that time and have it ratified next time you are in court. If you have an offer, make sure to bring it with you to the interview.
0 votes Thank Flag Link Tue Mar 26, 2013
Marie

You should NOT have a problem, but make sure your agent and attorney and whoever is negotiating the short sale is aware of everything that's going on. This is a road block when it comes to closing if it was not properly handled with the bank and bankruptcy court. Make sure you have the right team representing you when it comes to short sales.

Best of luck!

Jose Hernandez
KW Gold Coast
Chicago
0 votes Thank Flag Link Sat Jan 8, 2011
Hi Marie,

Yes, you can proceed with the short sale. Do you live in this house? Either way, you can ask your attorney to allow the short sale to continue during the bankruptcy. I think there is a form or judgement he'll need to get from the court authorizing the sale. We had a file recently where the seller went into bankruptcy. The lawyer did not file the appropriate papers, so the property being sold pretty much got frozen with all the other assets. Once the bankruptcy was complete, we proceeded with the short sale and closed the short sale.

Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Sat Jan 8, 2011
Consult with your attorney, he/she can best advise as it relates to your specific situation...
0 votes Thank Flag Link Sat Jan 8, 2011
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