Just recently filed Chapter 13 due to being behind in mortgage payment.
2006-09-25 06:14:06 · 6 answers · asked by Hopeless 1 in Business & Finance ➔ Renting & Real Estate
Absolutely, but you will need the appoval from the trustee and court as stated by "Searchlight" and "Screaming". In fact I just helped a woman sell her home, who was in this very situation.
The trustee will want to see a recent Appraisal or a Comparative Market Analysis (CMA) before they give the o.k. These are methods of determining the current market value of the home. If you haven't had an appraisal done recently, which is most likely the case, then you'll want to contact a good Realtor to help you out, and get a CMA done for you. (These should be done free of charge)
Be careful when choosing your Realtor. My client shopped around for a Realtor before deciding to use us and there was a major difference in the values that other Realtors quoted her for her home, and the value WE SOLD her home for. She interviewed a few Coldwell Banker agents and they had quoted her over $20,000 LESS than we quoted her and GOT HER! We sold her home in 4 days, so we obviously weren't over-priced. The other guys would have just severely under-priced her home. That's money that went towards repaying her debts. So be careful when selecting your agent. Best way to find a good one is ask around. Ask family, friends, coworkers, etc. for someone they had an exceptional experience with. Don't just go with someone because they're a friend of a friend, or brother/sister of a friend. Look for good feedback from actual experiences.
Once the Trustee gives the o.k. you're not through the woods yet. They're still going to want to see a purchase agreement for the home, which means now you have to get it sold. Once you get that then they're going to want to see what the appraisal comes out to. (The appraisal is done for the buyers mortgage company, and is a part of the buying/selling process) The trustee will have to give the o.k. saying that they're satisfied with the market value of the home and pass it on to the judge, who will give the final o.k. Once you receive that, then you could close on the home.
You will never see any of the proceeds. Your mortgage will be paid in full. The rest will go directly to the trustee who will pay your creditors. If there is anything left after all that, then you will get the remaining amount.
Remember this process will never even begin if the trustee doesn't give their initial approval based off of the CMA provided to them.
Hope this helps. Best of Luck to you!
2006-09-25 14:26:11 · answer #1 · answered by ? 2 · 0⤊ 0⤋
you want the trustee and the courtroom's permission earlier you even placed the valuables up on the marketplace and provide for an amended plan if it impacts the unique reimbursement plan in any way. Like eliminating lien holders. lower than the former guidelines your position changed into exempt from seizure so i'm assuming unsecured lenders would only have minimum say as to how the proceeds the position used. do not flow out and purchase any "toys" with it. no matter if it really is used for housing applications and for reimbursement of secured lenders i do not see an issue.
2016-11-23 20:50:25 · answer #2 · answered by milhollen 4 · 0⤊ 0⤋
You will need the approval of the court in order to sell. You'll also need to pay off all your creditors in full before you see a penny from the sale, as the court will require it.
If you're looking to salvage a bad situation and keep it from getting any worse, this might help. If you're looking to walk away with money in your pocket while your creditors get stiffed, you're going to be disappointed.
2006-09-25 06:22:30 · answer #3 · answered by Searchlight Crusade 5 · 1⤊ 0⤋
Talk to your attorney and the trustee
2006-09-25 06:51:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you can sell your house but they will take a portion of your assets
2006-09-25 06:22:04 · answer #5 · answered by louisvuittonchild 1 · 0⤊ 0⤋
no
2006-09-25 06:15:52 · answer #6 · answered by Spongebob 4 · 0⤊ 0⤋