From the new Fannie Mae HAFA guidelines:
A borrower in an active Chapter 7 or Chapter 13 bankruptcy case must be considered for a Fannie Mae HAFA short sale or DIL if the borrower, borrower's councel, or bankruptcy trustee submits a request to the servicer.
The first lien on my home is a Fannie Mae mortgage. The second lien is completely underwater and will become an unsecured debt. (I believe that means their lien will be stripped from the property.) Per my previous post, I plan to surrender this house when I file for Chapter 13 and move back into my old house.
This may be my best opportunity to either short sell the home or do a deed in lieu without being exposed to a deficiency judgement. The reason I'm concerned with this is that I have the potential to be at or near a 100% plan on my Chapter 13.
However, from what I've read, once I file and surrender the property, it technically belongs to the trustee and the only way for the bank to get it back is by doing a foreclosure.
So, I'm very confused. Has anyone been able to negotiate a short sale or DIL while in an active Chapter 7 or Chapter 13 case?
A borrower in an active Chapter 7 or Chapter 13 bankruptcy case must be considered for a Fannie Mae HAFA short sale or DIL if the borrower, borrower's councel, or bankruptcy trustee submits a request to the servicer.
The first lien on my home is a Fannie Mae mortgage. The second lien is completely underwater and will become an unsecured debt. (I believe that means their lien will be stripped from the property.) Per my previous post, I plan to surrender this house when I file for Chapter 13 and move back into my old house.
This may be my best opportunity to either short sell the home or do a deed in lieu without being exposed to a deficiency judgement. The reason I'm concerned with this is that I have the potential to be at or near a 100% plan on my Chapter 13.
However, from what I've read, once I file and surrender the property, it technically belongs to the trustee and the only way for the bank to get it back is by doing a foreclosure.
So, I'm very confused. Has anyone been able to negotiate a short sale or DIL while in an active Chapter 7 or Chapter 13 case?