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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2496
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Re foreclosure after filing for bankruptcy.

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Re: foreclosure after filing for bankruptcy. I filed for chapter 7 bankruptcy in new york several months ago. I owed money to credit card and also had judgements filed. The meeting with the trustee was held and and the bankruptcy will be discharged. The mortgage will be going into foreclosure. I owe the bank $230,000. At the time of filing the value of the home was approximately $289,000. The value of homes has started to rise and the home is now worth appx. $320,000. Will I be able to speak with the bank and try to sell the house with a realtor? If I can do this, will I be able to keep any money from the sale of the home. I own the home along with my daughter.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
You can sell up until the foreclosure is complete. You can try to do a short sale to cover the costs, since the lender would rather have you sell it then go thru the foreclosure. Talk with a realtor and your lender to discuss figures. Yes, it is still possible though to sell. If the bankruptcy is closed, and it was properly valued at the time of filing, then you can keep any proceeds. Thanks.
Customer: replied 4 years ago.

I forgot to ask you these questions. Is there a waiting period before I can sell and close on the house? Will the judgements have to be repaid out of the proceeds? Do I need permission from the trustee to sell the home? Tankyou

Expert:  Terry L. replied 4 years ago.
Any lien, including judgment liens need to be paid at closing. If the case is still open, then yes, you would need permission from the court to sell. If it is still open, then the court may be interested in liquidating the asset to pay the debts. But, if the case is discharged and closed, then you would not need approval. Check with your bankruptcy lawyer to confirm that the case is closed.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2496
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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