Selling a home during bankruptcy. Need some input.

Asked by Heather LoRe - Available Now!, North Reading, MA Mon Aug 13, 2012

I have a friend who has asked me to sell her home. She has filed for bankruptcy, but I do not believe that it has yet been approved. I am wondering when the best time for her to sell her home is, legally, she would like to get into a rental afterward. Any input here about this? I haven't actually helped anyone in this situation and would love to leap into it if it is feasible. Thanks.

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6
Peter Mohyls…, Agent, Destin, FL
Fri Aug 17, 2012
Accurate legal advice is important in situations like this
0 votes
Heather LoRe…, , North Reading, MA
Fri Aug 17, 2012
Thank you all for your answers. I am printing them out and will support my friend throughout this process. Your help is greatly appreciated. Sincerely, Heather LoRe
0 votes
James Gordon…, Agent, Hamilton, OH
Tue Aug 14, 2012
Have her petition the court to allow the sale of the home. Good luck and if she is expecting any proceeds from the sale have her talk to her attorney to get set straight.
0 votes
Minna Reid, Agent, Trumbull, CT
Tue Aug 14, 2012
You may as well wait out the bankruptcy. It will probably only take a few months but the lender won't even talk to you until the bankruptcy has been discharged.
Web Reference:  http://www.homesbyminna.com
0 votes
Wen Farina, Agent, Reading, MA
Mon Aug 13, 2012
Needless to say a bankruptcy would complicate things, including getting a rental as most landlords check credit reports. I'd ask your friend why she is filing it, is her biggest debt her mortgage? how much "other" debt does she have? is she behind on the mortgage? has she tried loan mod etc.. there are many variables and certainly different ways to go about it, I've dealt with situations like this before, feel free to email me if you need assistance. info@wenrealty.com
Web Reference:  http://www.wenrealty.com
0 votes
Walter 'Skip'…, Agent, Brea, CA
Mon Aug 13, 2012
I do not believe she can enter into any contracts during bankruptcy without court approval. Have her ask her bankruptcy lawyer when the best time would be.
Good luck,
0 votes
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