Comments on: Why A Short Sale After Bankruptcy Just Isn’t Worth The Hassle http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/ Mon, 07 May 2012 14:18:01 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Barry G http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/#comment-1371 Barry G Wed, 18 Apr 2012 23:25:24 +0000 http://www.consumerhelpcentral.com/?p=4907#comment-1371 I was in a similar situation to this one. I was pre-approved for a new FHA mortgage and was in escrow on the purchase of a new property when the mortgage broker contacted me and said he would need a "sherrif's certificate" to show the disposition of my old house that had been discharged in my Ch7 BK. Of course I didn't have one, and so they rescinded their mortgage approval. The broker told me that there had been several instances of people in this situation who were basically stuck thanks to being upside down on a property. I resigned myself to that reality and am staying where I am with the hope that the market eventually picks up sufficiently to allow me to sell without having to do a short sale. I was in a similar situation to this one. I was pre-approved for a new FHA mortgage and was in escrow on the purchase of a new property when the mortgage broker contacted me and said he would need a “sherrif’s certificate” to show the disposition of my old house that had been discharged in my Ch7 BK. Of course I didn’t have one, and so they rescinded their mortgage approval. The broker told me that there had been several instances of people in this situation who were basically stuck thanks to being upside down on a property. I resigned myself to that reality and am staying where I am with the hope that the market eventually picks up sufficiently to allow me to sell without having to do a short sale.

]]> By: John http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/#comment-1250 John Sun, 18 Mar 2012 17:22:12 +0000 http://www.consumerhelpcentral.com/?p=4907#comment-1250 I have spoken to a person, a realtor, that assures me there is no cost whatsoever to me if I go through the short sale on my home. The documents indicate that the buyer agrees to pay all fees and she negotiates with the lender. I still have this feeling that I am missing something though. She said that she has done several of these already and has been very successful. Should I be worried that I will have to pay something in the end? I was planning on talking with my bankruptcy lawyer and I know that may cost me a bit of money but I am ok with paying that fee if I can do everything else without the cost. I have spoken to a person, a realtor, that assures me there is no cost whatsoever to me if I go through the short sale on my home. The documents indicate that the buyer agrees to pay all fees and she negotiates with the lender.

I still have this feeling that I am missing something though. She said that she has done several of these already and has been very successful. Should I be worried that I will have to pay something in the end?

I was planning on talking with my bankruptcy lawyer and I know that may cost me a bit of money but I am ok with paying that fee if I can do everything else without the cost.

]]> By: Janina Czarniecka http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/#comment-1247 Janina Czarniecka Fri, 16 Mar 2012 22:22:19 +0000 http://www.consumerhelpcentral.com/?p=4907#comment-1247 I agree completely with the author of the article. Short sale after bankruptcy is a mistake. My “closing” will probably take place soon but if I knew 6 months ago what I know now, I would have never involved myself with that MESS. I had FHA mortgage that was discharged in chapter 7 over a year ago but hoping to settle the account with the Condominium Association, to spare my neighbors seeing foreclosure notice on the next door unit and to receive enough money from the PNC bank to cover my relocation expenses, I got involved with so called “short sale”. I bought the one-bedroom unit for $116,000 in 2003, in 2010 when I stopped making mortgage payments the value of the same unit was around $60,000, now the unit is selling at $44,500. In 2010 my outstanding loan balance was about $98,000 and I called PNC requesting the reduction of the home loan principal to match the actual value of my place. I was told that they do not offer that type of the “loan modification option”. They have not received a monthly payment on my home loan since. I will just give you the “almost final HUD statement” so you can judge for yourself if going through all that hustle is worth your time. Sale price: $44,500 The PNC Bank net proceeds: $36,250 Realtor Commission: $2,670 Title Insurance Fee: $1,450 Legal Fee: $750 (I heard that this is 50% of what they usually charge) Unpaid assessments (I stopped payment the association assessment 10 weeks ago) $818 Seller Incentive $925 This means that all I am receiving is $925. Since the mortgage loan has been already discharged I am not even interested in any favors from the bank. They cannot collect any money from me even if their sale net proceeds were zero. I am angry, disappointed and actually upset with myself. I was simply stupid. I should have just stay here until the very end, let that “greedy PNC Bank” go through the foreclosure proceedings and maybe sell my unit at the auction for half what they are getting now. So stay in your house or condominium as long as you can, save your money and let the sheriff kiss you goodbye. You credit is already very bad and it cannot really get any worse no matter how nice as a human being you are. Do not let others make money on your misery, specially that bank that was never good to you anyway. After all, the bank is not losing anything, do not fall into any “short sale” promises, and represent only your own interest. Good Luck and be smarter than me! Janina I agree completely with the author of the article. Short sale after bankruptcy is a mistake.

My “closing” will probably take place soon but if I knew 6 months ago what I know now, I would have never involved myself with that MESS. I had FHA mortgage that was discharged in chapter 7 over a year ago but hoping to settle the account with the Condominium Association, to spare my neighbors seeing foreclosure notice on the next door unit and to receive enough money from the PNC bank to cover my relocation expenses, I got involved with so called “short sale”.
I bought the one-bedroom unit for $116,000 in 2003, in 2010 when I stopped making mortgage payments the value of the same unit was around $60,000, now the unit is selling at $44,500.
In 2010 my outstanding loan balance was about $98,000 and I called PNC requesting the reduction of the home loan principal to match the actual value of my place. I was told that they do not offer that type of the “loan modification option”. They have not received a monthly payment on my home loan since.
I will just give you the “almost final HUD statement” so you can judge for yourself if going through all that hustle is worth your time.
Sale price: $44,500
The PNC Bank net proceeds: $36,250
Realtor Commission: $2,670
Title Insurance Fee: $1,450
Legal Fee: $750 (I heard that this is 50% of what they usually charge)
Unpaid assessments (I stopped payment the association assessment 10 weeks ago) $818
Seller Incentive $925
This means that all I am receiving is $925. Since the mortgage loan has been already discharged I am not even interested in any favors from the bank. They cannot collect any money from me even if their sale net proceeds were zero. I am angry, disappointed and actually upset with myself. I was simply stupid. I should have just stay here until the very end, let that “greedy PNC Bank” go through the foreclosure proceedings and maybe sell my unit at the auction for half what they are getting now.
So stay in your house or condominium as long as you can, save your money and let the sheriff kiss you goodbye. You credit is already very bad and it cannot really get any worse no matter how nice as a human being you are. Do not let others make money on your misery, specially that bank that was never good to you anyway. After all, the bank is not losing anything, do not fall into any “short sale” promises, and represent only your own interest. Good Luck and be smarter than me! Janina

]]> By: KC http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/#comment-1193 KC Tue, 06 Mar 2012 19:32:56 +0000 http://www.consumerhelpcentral.com/?p=4907#comment-1193 We currently have to file Ch. 7 due to many debts. We are unable to File Ch. 13 because our income won't let us qualify. We are in the middle of a modification with BofA and we are behind on our mortgage. To make sure things go smoothly with the modificaiton, is it in our best interest to reaffirm the loan? I've read several conflicting stories about Ch 7 hurting/helping modifications. I understand Ch. 13 is the preferred filing for keeping our home, but there is no way we could pay the current payment plus the arrears, not to mentions the other debts. I would like to know if for some reason we do not get approved for the modification after filing Ch. 7, will we still be able to do a short sale? Is it dependent on if we did or did not reaffirm? Thank you to anyone who can help me with these questions. I want to make sure I am making the right decisions. We currently have to file Ch. 7 due to many debts. We are unable to File Ch. 13 because our income won’t let us qualify. We are in the middle of a modification with BofA and we are behind on our mortgage. To make sure things go smoothly with the modificaiton, is it in our best interest to reaffirm the loan? I’ve read several conflicting stories about Ch 7 hurting/helping modifications. I understand Ch. 13 is the preferred filing for keeping our home, but there is no way we could pay the current payment plus the arrears, not to mentions the other debts. I would like to know if for some reason we do not get approved for the modification after filing Ch. 7, will we still be able to do a short sale? Is it dependent on if we did or did not reaffirm?

Thank you to anyone who can help me with these questions. I want to make sure I am making the right decisions.

]]> By: Short Sale After Bankruptcy | Chapter 7 Discharge http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/#comment-1185 Short Sale After Bankruptcy | Chapter 7 Discharge Mon, 05 Mar 2012 19:11:07 +0000 http://www.consumerhelpcentral.com/?p=4907#comment-1185 [...] court, the personal liability of the filing debtor is … … Go here to read the rest: Short Sale After Bankruptcy ← Tucson Chapter 13 Bankruptcy [...] [...] court, the personal liability of the filing debtor is … … Go here to read the rest: Short Sale After Bankruptcy ← Tucson Chapter 13 Bankruptcy [...]

]]> By: Rick http://www.consumerhelpcentral.com/short-sale-after-bankruptcy/#comment-1123 Rick Fri, 24 Feb 2012 02:36:33 +0000 http://www.consumerhelpcentral.com/?p=4907#comment-1123 Can you elaborate more on your posting. Want to hear more of what you are saying on your post. Can you elaborate more on your posting. Want to hear more of what you are saying on your post.

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