I posted this on the CH7 forum but didn't get a response so I thought I would post over here. We are in the 60 day 
period for our CH7. Our lender has already received the relief of stay and we have an offer on our house via a short sale (marked surrender on the paperwork) The lender has approved the short sale. In the paperwork sent from the lender, there is a disclosure and it says...
"By accepting the agreed short sale amount to release their interest in the property does not discharge your responsibility for the remaining balance due on that loan. If you have not already made acceptable payment arrangements for the deficiency balance, please contact that lien holder to arrange an acceptable method for payment of the remaining outstanding balance"
Does the disclosure in any way reaffirm the debt?? I have sent the doc to my lawyer and called for his advice, but they must be the absolute WORST when it comes to responding to anything. It seems that it would NOT reaffirm. There has to be tons of people that completed a short sale after they filed ch7...I just wanted some other advice. BTW..the only reason I am doing the short sale is to get the house out of my name sooner rather than later...I would sit around for another year waiting for a foreclosure to get that house out of my name and get on the clock in order to buy another one.
period for our CH7. Our lender has already received the relief of stay and we have an offer on our house via a short sale (marked surrender on the paperwork) The lender has approved the short sale. In the paperwork sent from the lender, there is a disclosure and it says... "By accepting the agreed short sale amount to release their interest in the property does not discharge your responsibility for the remaining balance due on that loan. If you have not already made acceptable payment arrangements for the deficiency balance, please contact that lien holder to arrange an acceptable method for payment of the remaining outstanding balance"
Does the disclosure in any way reaffirm the debt?? I have sent the doc to my lawyer and called for his advice, but they must be the absolute WORST when it comes to responding to anything. It seems that it would NOT reaffirm. There has to be tons of people that completed a short sale after they filed ch7...I just wanted some other advice. BTW..the only reason I am doing the short sale is to get the house out of my name sooner rather than later...I would sit around for another year waiting for a foreclosure to get that house out of my name and get on the clock in order to buy another one.
Hopefully one of the pros will jump in here...
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