Background: My BK has just been closed, debts discharged, mortgage was included in the BK, house has equity in it but trustee abandoned the asset, Judge closed case etc.
In the meantime my bank (Chase) has proceeded with their foreclosure and won a judgement. Sheriff's sale is the next step but that will not happen at the earliest until 11/30 and more realistically probably not until 12/28 or even next year.
Thus I now have the house released from my BK estate and I am allowed to try to sell it myself. Again - it has equity in it, only owe about $85K on the mortgage but house is "worth" $180k on Zillow, and could go anywhere from $130-200 if I get lucky.
I want to be sure I understand some things though, since I am in a pretty unique situation, before I talk to the realtor and put it on the market.
- Since the bank got their judgement, do they have any say in how I sell it, what I get for it, how that whole process works?? Assuming I get an offer for above what I owe the bank, can they muck up the process somehow, since in reality they would benefit from the house NOT selling by me, so they can sell it themselves. I'm not asking about doing a short sale, as that makes no sense as far as I can understand it, given the equity in the house, and my BK discharging me of this debt in the first place.
- Is there anything I need to know about this situation as far as how tougher it will be to sell the house since the bank has a judgement as public record, will buyers not be able to get financing on a house that has a judgement against it, or something like that?? I ask because I remember from looking into this last year prior to going the BK route, reading that supposedly a house with a foreclosure "pending" (ie: lis pendens) that buyers would not be able to get financing or something related to the house not clearing a title search???
- And there is also the question, will buyers find out the house is in foreclosure, thus either only give lowball offers or totally avoid it altogether for some reason??
- Any recommended things I should be reading up on, stuff I need to know about etc???
Thanks.
In the meantime my bank (Chase) has proceeded with their foreclosure and won a judgement. Sheriff's sale is the next step but that will not happen at the earliest until 11/30 and more realistically probably not until 12/28 or even next year.
Thus I now have the house released from my BK estate and I am allowed to try to sell it myself. Again - it has equity in it, only owe about $85K on the mortgage but house is "worth" $180k on Zillow, and could go anywhere from $130-200 if I get lucky.
I want to be sure I understand some things though, since I am in a pretty unique situation, before I talk to the realtor and put it on the market.
- Since the bank got their judgement, do they have any say in how I sell it, what I get for it, how that whole process works?? Assuming I get an offer for above what I owe the bank, can they muck up the process somehow, since in reality they would benefit from the house NOT selling by me, so they can sell it themselves. I'm not asking about doing a short sale, as that makes no sense as far as I can understand it, given the equity in the house, and my BK discharging me of this debt in the first place.
- Is there anything I need to know about this situation as far as how tougher it will be to sell the house since the bank has a judgement as public record, will buyers not be able to get financing on a house that has a judgement against it, or something like that?? I ask because I remember from looking into this last year prior to going the BK route, reading that supposedly a house with a foreclosure "pending" (ie: lis pendens) that buyers would not be able to get financing or something related to the house not clearing a title search???
- And there is also the question, will buyers find out the house is in foreclosure, thus either only give lowball offers or totally avoid it altogether for some reason??
- Any recommended things I should be reading up on, stuff I need to know about etc???
Thanks.
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