Short Sale, I Need Advice

[scooter6251]

We were discharged CH7 Jan 2011, including our house mortgage w/GMAC. We moved out of state in May for a job. We are currently renting the house, but tenant needs to move by or before May. There has been no LP filed. In fact we've never heard from the lender.
We want to get rid of the house so we can get to a position where we can purchase another house. Since things move so slow in FL, lender may not foreclose for another year or 2 or 3.
I have a realtor friend who has done short sales and feels she can find a buyer for a short sale of my house. Should we do this or will it open another can of worms for us? We would love to get all the old stuff behind us so we can fully live our new life.

[tobee43]

hey scooter!! merry happy first!

secondly, you need to make certain GMAC is on board with a short sale other wise it will not work. so if you're friend can get in touch with the short sale dept in GMAC and get an approval when you get a contract it could work, provided everything is done on the up and up.

it use to be short sales never worked out, but now that the banks have so much inventory, some of them are working with the realtors to get them done. good luck! and happy holidays!

[scooter6251]

hey scooter!! merry happy first!
!

Hi Tobee, And a merry happy back at you !

OK, that all makes sense. In FL, there is a separate "Short Sale Addendum" which she sent me. Now it's obvious that I can't sign that because it's obviously for short sales w/o BK being considered. In it, I have to agree to provide all the proof that I can't afford the house, agree to be responsible for deficiency, etc. I wouldn't think she needs that in my situation and like you said, she needs to call them first and get an OK. Is it best for her to call, or should I call? I've never spoken to them since BK was files.

[keepsmiling]

A few people here have been in your situation and promised a "painless" ss--- and found there jest ain't no sech thang. Again I say, "painless my patootie"
Be prepared to grovel and open up all your bleeding heart paperwork yet AGAIN.
Good luck. Hope your case is the exception.

[tobee43]

me too, keep, me too.

scooter, i would call them first, if you can even get through and see what they say their process on a short sale is. i would take it from there i hope it works for you!

[HighUnder]

It seems like the banks would streamline the short sale process for those who've already BK'd. I mean, the fact that the seller is already discharged should be reason enough to not have to delve into their financial affairs (at least not as deeply). I short sold a property earlier this year and while it wasn't pain-free, having an agent who really knew what they were doing sure did seem to help. I hope your friend has extensive experience in completing short sales, including good contacts at your mortgage company. This should lessen the pain some. Now you just have to hope your friendship will endure the process.

Good luck!

[keepsmiling]

Assuming anything about banks' efficiency would be making an a$$ etc.... if that were the case all these mods wouldn't keep getting "lost"

[keepsmiling]

http://www.bkforum.com/showthread.php?74323-Argghhhh!-Little-bit-frustrated-here-and-it-all-could-have-been-avoided!&highlight=patootie

[scooter6251]

I talked with someone in GMAC's 'liquidation unit'. Not too bad getting through to them. I have to fax a letter requesting them to review my property for a DIL. That same person would handle a short sale. I will do that tomorrow. Said a liquidation 'specialist' would contact me within a week. I see no reason I would be interested in a short sale if I can get a DIL approved. Please let me know if anyone disagrees.
Just to clarify, please: If we had to do a short sale, I would not be responsible for any deficiency on the loans, right? And what about taxes, would I have any tax liability? Since the debt was discharged, I assume I would have no liability for anything, but I would love for the experts to confirm that. Thanks experts !!

[keepsmiling]

Correct.
If you can get that DIL you will be in very good shape. Keep us posted.