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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
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Experience:  B.A.; M.B.A.; J.D.
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Our bank agreed to a short sale on our home. We retreived

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Our bank agreed to a short sale on our home. We retreived a Real Estate Agent and all paper work was sent to lien holder.(over three months ago) We filed bankruptcy and it has been discharged. Our lien holder is now asking for a release of trustee on the property. Now that the Bankruptcy has been discharged does the bank still need this ?? We live in Colorado. I can't get any straight answers from the bank, and would like to proceed with the short sale as we have offers on the property that have been submitted to the bank..Thanks in advance...
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 4 years ago.

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

Our bank agreed to a short sale on our home. We retreived a Real Estate Agent and all paper work was sent to lien holder.(over three months ago) We filed bankruptcy and it has been discharged. Our lien holder is now asking for a release of trustee on the property. Now that the Bankruptcy has been discharged does the bank still need this ?? We live in Colorado. I can't get any straight answers from the bank, and would like to proceed with the short sale as we have offers on the property that have been submitted to the bank..Thanks in advance...

 

Response: Is you bankruptcy cased closed? Kindly note that your bankruptcy case can stay open way after you have obtained a Discharge Order from the Court. If your bankruptcy case is still open, then the bank would need to file a Motion for Relief from the Automatic Stay and obtain permission from the Bankruptcy Court in order to proceed with the short-sale. On the other hand, if the bankruptcy case has been closed after the Discharge Order has been issued, then the bank does need the permission of the Bankruptcy Court or the Bankruptcy Trustee to proceed with the short-sale. If you have confirmed that your bankruptcy case has been closed by calling your bankruptcy attorney or the bankruptcy Court and the bank is still insisting on you getting permission from the Bankruptcy Trustee, then you would need to speak with the bank's Bankruptcy Unit in order to resolve the issue and proceed with the short-sale. The Bankruptcy Unit hopefully would explain to the Collections Department and/or Loss Mitigation Department that your bankruptcy case has been completed and thus you no longer need the permission of the Bankruptcy Court or the Bankruptcy Trustee in order to proceed with the short-sale.

 

 

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12995
Experience: B.A.; M.B.A.; J.D.
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