Can I Short Sell A House In Bankruptcy?
A San Jose bankruptcy attorney looks at the Short Sell of A House In Bankruptcy...
Whenever you have questions such as one with regard to short selling your home during a bankruptcy filing, it is best to speak to a qualified bankruptcy attorney.
In order to do what is known as a short sale with your home in bankruptcy, it is best to meet certain criteria. For example, you should be upside down on the loan and it's best done during a buyer's market. a short sale is the sale of a home or property by the owner/debtor who is in financial staits. The short sell the house for less than the outstanding mortgage balance due. The monies from the short sell are then used to repay the lender, if they are agreeable to the short sale. The debtor, or borrower, is then released from the mortgage obligation. The short sell of a house in bankruptcy is typically done as an alternative to foreclosure on the property.
If it is a burden to the trustee, it is likely that in Chapter 13 bankruptcy that a short sale of the home will go through. Although in order for the short sale of the house in bankruptcy to be approved, typically an application must be filled out properly, and submitted to the bankruptcy Court whereupon the decision is made by the judge with input from the trustee.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
