After Bankruptcy Discharge--Anyone Do A Short Sale?
I know that there are many sharks swimming around with post-BK lists in their hands (fins?). However, we received a letter from a famous nation-wide realty service about what amounts to selling our property and arranging to pay off the mortgage companies, thus avoiding foreclosure. Now, I know that we would not see anything out of the sale money wise. Anyone here avoid foreclosure by this method? Would you even recommend it?
Answer:
I don't think any of those offers have to anything to do with them buying the property and then doing a "short sale". I think they have to pay off the mortgage balance(s) and any other liens in full when they buy the property from you. But, I guess it's possible that an investor would be willing to make some kind of deal with you where they pay the back payments to bring the mortgage(s) current, then they keep the mortgage current, rent it out, and later sell it. But, I'm not sure that all of the numbers would add up.
| Bankruptcy FAQ Main Page | Do It Yourself Bankruptcy | Cost Of Bankruptcy | Business Bankruptcy | Bankruptcy Types | Bankruptcy Procedure | Bankruptcy Mortgage | Bankruptcy Law | Bankruptcy Info | Bankruptcy Forms | Bankruptcy Debts | Bankruptcy Court | Bankruptcy Chapter 11 | Bankruptcy Chapter 7 | Bankruptcy Alternative | Bankrupcty | Bancruptcy | Personal Bankruptcy Laws | Personal Bankruptcy | Life After Bankruptcy | Filing Bankruptcy |