Question: I included my home (mortgages/ loans) in my Chapter 7 Personal Bankruptcy, but it’s been over a year and the Bank still has not took the property back, can I still sell the home?
Answer: Yes
It is very common, for homeowners that are overwhelmed with debt, to file chapter 7 Bankruptcy protection and if they owe way more than the home is worth, to include the mortgages (loans) in the Bankruptcy and walk away.
The problem with just walking away is that because the Banks foreclosure department are so overwhelmed, that it can take months of not years for the bank to take the property back. The second problem can be, is that once a person has filed for Bankruptcy, they normally want to re-establish their credit. If you spend 2 years getting your credit back do you really want the bank to foreclose on your old home, this could dramatically negatively impact your credit.
One solution is the list and sell your home. Please consult your Bankruptcy lawyer first. If you would like Market information for your property in Palm Beach County, please feel free to contact me Karl R Schulz.
No comments:
Post a Comment