Can I Sell?

[dmc-2008]

I am 41 weeks into bk13 and I have a lien strip on the second. My condo assoc is a huge mess and I dont know if I can make it until the end of 2017 to sell.

Is it possible to sell during bk even with a strip?

Only as a last resort.

[justbroke]

You can sell it with the strip, the the lien strip would mean nothing. You would be selling it short -- more than likely. In a short sale, the second lender needs to agree. The nice thing with the bankruptcy is that even if there is some sort of deficiency (difference between value and sale) that would be discharged in the bankruptcy.

You would need to speak with your attorney about the intricacies of modifying your plan to accomplish this.

[dmc-2008]

Oh there is equity there! Guess that is a pretty important piece of information.

I am counting on it to purchase for my retirement.

But the trustee would want it huh? I feel stuck! :-( thanks JB!

[dmc-2008]

I was under water on first, now not, esp with lien strip. Really gonna help me to go back to my home state which id cheaper!

[justbroke]

A precarious position in which to find yourself. The question would be whether there is equity above the second lien (as if there is no lien strip). There really are too many questions for me. I know that, in some States under bankruptcy law, you can keep money from the sale of your homestead. They are far and few between. The question becomes what if you sell in an active Chapter 13 would that money be part of the Estate? Could you buy out of your Chapter 13?

So many questions. I have no answers to whether this would work in your favor.

[dmc-2008]

Thank you JB! When I get brave I will email my lawyer. I think I know the answer as I live in Ca.

[spidge]

DMC, I am sorry to hear of your troubles. I do hope you can hang in there so that you can capitalize on higher values and come away with more later.

If you sell the condo could you convert to a ch7 and be done?

[dmc-2008]

idk Spidge but with only 18 months to go I will hold firm. It's the only way to get the equity, it's why I did it in the first place. 😃 Just so much drama with the HOA and dues going up to 440, with a chance of special assessment! But October 2017 almost here! Feels like a race against time!

[sophieanne]

Wow DMC. is that increase monthly, quarterly or??? I hope it's not a huge increase from where you are now. Our dues went up this year but TG it's only $17/quarter. Regardless every dollar is important to the end. I hope that special assessment doesn't happen for your complex.

[dmc-2008]

Its going up fron 385 to 440 a month. It may not seem like a lot but I am tight as is because I have other things in my budget. I'll figure it out. If there is a huge assessment I will let them lien and pay it when I sell. 😩

[sophieanne]

Hi again DMC,

That is a big increase...especially monthly. (I get upset when DirecTV goes up $5 a month). As I said every dollar counts right now. I'm sorry they're doing that at this point in time. Those are expensive dues. I hope they include maintenance of everything.

Personally I would disband HOA's if it were possible.

What are their plans for the special assessment?? Our HOA said our increase was to insure we didn't have a special assessment down the road.

I know you're not a fan of your HOA, but perhaps being a part of the board so you know what's going on and can vote no???

Good luck my friend...these are the times that are definitely sent to test us.

[dmc-2008]

I have been on the board and got off so I can help my kid find and get into college! It's so time consuming! I might have to get back on it, knowledge is power. 😔😂