Hello

A little history...filed Ch 7 4/03, discharged 8/03, included home
(owe 1st mtg $160,000 2nd mtg $40,000), 5 credit cards and 3
automobiles (voluntary repos).

Have been contacted by individual (realtor) about doing a short sale.
He has several buyers interested and said he will negotiate lower
amt's with both mtg co's (as house isn't worth $200,000 we owe.

I live in Minnesota, is this legal? What is the benefit to us, if any
(ex. quicker process vs. sheriffs sale) Any benefit regarding credit
report? Is there anything to "watch out for" regarding short sales??

Sheriffs sale is on 10/3/03. Realtor said it could be months after
that before it is all said and done if we go that route.

We have included the property in our BK, if the house sells for less
that $200,000 will be owe anything either way (Sheriffs sale vs. Short
sale)?? We have a BK Attorney but RARELY get to speak with her. And
when she does call back it takes 5-7 days.

Thanks Brett for any insight you can give on this "Short Sale" stuff.
Your a god send to this group!

Shannon

> A little history...filed Ch 7 4/03, discharged 8/03, included
home (owe 1st mtg $160,000 2nd mtg $40,000), 5 credit cards and 3 automobiles (voluntary repos). Have been contacted by individual (realtor) about doing a short
sale. He has several buyers interested and said he will negotiate
lower amt's with both mtg co's (as house isn't worth $200,000 we owe. I live in Minnesota, is this legal? What is the benefit to us,
if any (ex. quicker process vs. sheriffs sale) Any benefit regarding
credit report?

Slight. A short sale is somewhat better than a foreclosure.
Is there anything to "watch out for" regarding short sales??

Only to make sure your you won't have to pay *anything* or spend
lots of time doing anything. This significantly benefits the
realtor (who gets a commission) and the lender (who doesn't have
to pay a lawyer or foreclose, and gets its money a lot sooner).
The benefits to you are much less, so don't let yourself be put
out a whole lot.
Sheriffs sale is on 10/3/03. Realtor said it could be months
after that before it is all said and done if we go that route. We have included the property in our BK, if the house sells for
less that $200,000 will be owe anything either way (Sheriffs sale
vs. Short sale)??

No, not unless you reaffirmed.
We have a BK Attorney but RARELY get to speak with her. And when she does call back it takes 5-7 days. Thanks Brett for any insight you can give on this "Short Sale"
stuff. Your a god send to this group!

Thank you!

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************

I have to concur with Brett - The only people who benefit from a short-sale
are the bank, the new lender/broker, the person buying the home, and the
realtor. Rarely does the current owner get anything positive out of the
transaction, other than no deficiency judgment.

--
Michael Papp
iNet Commercial Lending/ Carteret Mortgage
www.iNet-Lender.com
MSN Messenger ID - iNet-Lending


"Brett Weiss" <lawyer@erols.com> wrote in message
news:RoOdnT3RA7K8XsGiU-KYuA@comcast.com... A little history...filed Ch 7 4/03, discharged 8/03, included home (owe 1st mtg $160,000 2nd mtg $40,000), 5 credit cards and 3 automobiles (voluntary repos). Have been contacted by individual (realtor) about doing a short sale. He has several buyers interested and said he will negotiate lower amt's with both mtg co's (as house isn't worth $200,000 we owe. I live in Minnesota, is this legal? What is the benefit to us, if any (ex. quicker process vs. sheriffs sale) Any benefit regarding credit report? Slight. A short sale is somewhat better than a foreclosure. Is there anything to "watch out for" regarding short sales?? Only to make sure your you won't have to pay *anything* or spend lots of time doing anything. This significantly benefits the realtor (who gets a commission) and the lender (who doesn't have to pay a lawyer or foreclose, and gets its money a lot sooner). The benefits to you are much less, so don't let yourself be put out a whole lot. Sheriffs sale is on 10/3/03. Realtor said it could be months after that before it is all said and done if we go that route. We have included the property in our BK, if the house sells for less that $200,000 will be owe anything either way (Sheriffs sale vs. Short sale)?? No, not unless you reaffirmed. We have a BK Attorney but RARELY get to speak with her. And when she does call back it takes 5-7 days. Thanks Brett for any insight you can give on this "Short Sale" stuff. Your a god send to this group! Thank you! -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** ***************

Canzie wrote:
I have to concur with Brett - The only people who benefit from a short-sale are the bank, the new lender/broker, the person buying the home, and the realtor. Rarely does the current owner get anything positive out of the transaction, other than no deficiency judgment. -- Michael Papp iNet Commercial Lending/ Carteret Mortgage www.iNet-Lender.com MSN Messenger ID - iNet-Lending

snip snip snip snip.....

Which can be a good thing. The R/E Agent is paid by the bank, so that is not a
real concern to the home owner.

Saving the credit report as much as possible, as housing goes is a good thing.

Thank you,

SS

--
Samuel Stovall
Mortgage Banker
Home America Mortgage, Inc.
Lawrenceville, Ga. 30045
770.817.9801
678.623.0219 (Fax)


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