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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I live in california. I filed ch 7 bankruptcy and has been

Customer Question

I live in california. I filed ch 7 bankruptcy and has been discharged for almost two years. I surrendered my house in the bankruptcy. My questions is can I still short sale the house? If i can, can i still be on the hook for the difference in price and what was owed? I had a second on it also. Yes I am still in the house BofA just started the forclouser process Oct 18.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

You can Short Sell the house if you get approval from both mortgage companies. If you do get approval, you would not be liable for the difference between the sales price and the balance on the mortgages. However, unless you can sell the house for more than what is owed on both mortgages (which is what a Short Sale is), there is no advantage for you to conduct a Short Sale, as the result can easily be that you have to move out sooner.

I think this is what you wanted to know. If not, please let me know.

Thank you!


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