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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2611
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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just before my bankruptcy auction i found a group that was

Customer Question

just before my bankruptcy auction i found a group that was willing to buy the property. we filed a motion for a stay to finalize that agreement but was denied but the attorney for the bank then contacted the buyers that i was speaking with and set up a deal with them. can this be considered bad faith
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

What type of stay did you file a motion for?

Did the bank oppose the motion?

Were you trying to have the Bankruptcy dismissed?

Customer: replied 5 years ago.
we filed for a stay in the bankruptcy court and it was denied even though the judge and trustee knew that I had a buyer for my property, After i was denied the bank started talking to the people that was going to buy the property from me. They were going to pay a good price and the bank the trustee and the judge knew that
Expert:  cfortunato replied 5 years ago.

If sold for more than the balance on the mortgage - regardless of who sold it - the extra amount would belong to the Bankruptcy court. If the house sold for less than the balance on the mortgage - regardless of who sold it - the deficiency amount should be dischargeable in the Bankruptcy.

I other words, given the information you provided, there was no harm done by the fact that the bank sold the house instead of you.