ShortSale after Chapter 7 ....advice Doing an examination soon

[NYC7]

ShortSale after Chapter 7 ....advice
Doing an examination soon and I am a realtor ,I have an investor willing to buy my home cash post Chapter 7 and let me rent to buy it back after 2 to 5 years .I know the guy well did some deals with him over the years.I am wondering what are the pros and cons being that I have a 2nd mortgage of getting a shortsale done .Both mortgages have been discharged but the trustee has me in court for a year sending love notes back and forth(files) finally the examination comes up.So questions are .

How much time do I have before it goes into foreclosure , I havent paid a note over a year(not reafirmming its part of the BK), still living in the House ?

How much of a chance do I have of getting a shortsale ?

I live in New York.

[tcreegan]

Hi NYC7,

The timeline for foreclosure is set out in state law. Check the NY statutes.

A short sale with two lenders? Getting them both to agree to terms? ....hmmmm Odds? Wouldn't bet my paycheck on it...

I learned an option from a real estate guy, have the investor buy the note(s) ...not the property, just the notes.

Well, hope it all works out for you however it works out!

Tom in Colo

[NYC7]

Hi NYC7,

The timeline for foreclosure is set out in state law. Check the NY statutes.

A short sale with two lenders? Getting them both to agree to terms? ....hmmmm Odds? Wouldn't bet my paycheck on it...

I learned an option from a real estate guy, have the investor buy the note(s) ...not the property, just the notes.

Well, hope it all works out for you however it works out!

Tom in Colo

Thanks Tom,weighing my options , I might just walk away from everything , start anew!

[justbroke]

That's the best thing that you could do if the property is underwater by more than 10%... just walk away.