Confused, short sale or include home in BK?

[vegasgirl702]

We are filing a Chapter 7, we have received a notice of Trustees Sale date. If we file before that date will be be able to get more time in the house? Or can they file a lift and proceed? Is this considered a forecloser if that happens? It looks like we will be filing within days of the sale date.

I happened to contact an agent looking for rental propertys and he was telling me to do a short sale we may get a few more months in the house and be able to buy a home within 2 years and 1 day of the BK.

[keepmine]

If they file for relief from stay, it just means they can continue the foreclosure process. How long you can stay before eviction depends on what sort of timeline and procedures creditors are required to follow in your state.
Ask your attorney about how long you can expect to stay.
Don't bother with a shortsale. Just file the bk and with clean credit post bk you'll qualify for FHA mortgages in 2 years .

[reeltrouble]

we did both... Actually closed on a short-sale of our primary home the day before we filed. Included both the 1st and 2nd mtg in the BK, just to protect against deficiency judgements. Still included a rental property that was upside-down though. Our atty told us didn't really matter either way, but we figured at least we put forth an effort to sell, since we closed on one, and didnt leave the bank sitting on it for months

[2strong]

Im in this same situation. I know im probably going to file BK 7 does a short sale reall help you any or is it better to just include it. Opps I think I just asked the same quuestion sorry. We'll any ways will the judge see it as trying to do something as opposed to letting it all go..

[JohnCampbell]

I am in vegas too and am in almost the same situation. I got my NOD 5/15/09 so I think you are a little farther on the schedule than me. Can I ask if you got your sale date at exactly 3mo after the NOD? Can I ask who your lender was?

Please keep us updated, again, it seems like we are almost in the same shoes.

[OregonMom]

I say let it go. A real estate agent just want their commission and there is no guarantee your mortgage company will agree to a short sale. My parent's mortgage company said they would do a short sale but drug their feet so long on it, that the people wanting to buy the house said forget it after about 3 months of waiting for the bank to ok it. They had a good chunk of cash down and bank wouldn't respond.