My Chapter 13 was confirmed a few months ago. I am returning the house as part of the BK.
I have signed a lease on an apartment - need to move for work. Moving in June.
I stopped by the attorney's office today to talk about the details... how to handle insurance, home owners, etc... until the bank sells the property and the title is out of my name.
He says - the issue is that the moment the insurance co. finds out that my property is vacant, they'll drop me. Says that it could take a long time to get my name off the title. Maybe 8 months, give or take.
He also works with a guy, a realtor... says it's completely up to me, but the realtor lives in places like mine until they are sold at sheriff's sale or until he can sell them as a short sale.
So, according to my attorney, I think the deal looks like this:
He gets:
- to live in my place rent free
- commission if he can sell it on a short sale
- he pays home owners, takes care of the lawn and utilities
I get:
- freedom to move away and not worry about the house or vacancy
- likely get my name off title sooner
- no tax or financial ramifications
Have you heard of such a thing? The attorney says the guy has been doing this for a few years. They draw up a simple lease, I get to move, and never have to look back.
Any advice or insights? Anything I should be looking out for? My attorney has been around this area for a long time, seems like a decent, well respected guy. Did a good job on the BK. This just all came out of the blue today.
Thanks for any ideas you might have.
I have signed a lease on an apartment - need to move for work. Moving in June.
I stopped by the attorney's office today to talk about the details... how to handle insurance, home owners, etc... until the bank sells the property and the title is out of my name.
He says - the issue is that the moment the insurance co. finds out that my property is vacant, they'll drop me. Says that it could take a long time to get my name off the title. Maybe 8 months, give or take.
He also works with a guy, a realtor... says it's completely up to me, but the realtor lives in places like mine until they are sold at sheriff's sale or until he can sell them as a short sale.
So, according to my attorney, I think the deal looks like this:
He gets:
- to live in my place rent free
- commission if he can sell it on a short sale
- he pays home owners, takes care of the lawn and utilities
I get:
- freedom to move away and not worry about the house or vacancy
- likely get my name off title sooner
- no tax or financial ramifications
Have you heard of such a thing? The attorney says the guy has been doing this for a few years. They draw up a simple lease, I get to move, and never have to look back.
Any advice or insights? Anything I should be looking out for? My attorney has been around this area for a long time, seems like a decent, well respected guy. Did a good job on the BK. This just all came out of the blue today.
Thanks for any ideas you might have.
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