Can A House Be Sold, If It Is In A Bankruptcy?
My granfather and grandmother own a home together, but they are no longer together anymore (they seperated about 17 years ago.) my grandmother stayed in the home, and took care of all the bills, until she became ill. The family has moved my grandmother away and one of her sons is her power of attorney. that son has put the house up for sale. My grandfather does not want to sell, he wants the house for his grandchildren. My granfather has also filed for bankruptcy about four years ago and his attorney says that the house can not be sold is this true
All parties must agree before the house can be sold. If the house is part of a bankrutpcy estate, the bankruptcy court must approves the sale, too.
Chances are the mortgages are owned by different portfolio investors... though serviced by the same mortgage loan servicing company. Each portfolio investor could have different criteria for the disposition of its underperforming loans.... so make your pitch.
Q. In your statement, you indicated that you had previously shorted the seconds while taking the property sub-2 the first.
Did you purchase the seconds via an assignment, or did you complete an approved preforeclosure short sale with the second mortgagee fully advised via a final HUD1 you purchased sub-2?
Not at all. Here is my hunch. Your old buddy business partner negotiated to purchase the junior mortgage via an assignment, for cash, at a steep/substantial discount. To me, it seems this was probably NOT a short sale, but rather the discounted purchase of a mortgage. Still a sweet deal.
You need to influence the BPO to get the value down. Is the house in need of repairs? Perhaps Option 1 has valued the house by drive by only. Sometimes, you can request a second BPO.
You must be present to meet the agent doing the BPO in order to try to reason with them. Let them know you need it to come in as low as possible. Point out overlooked repairs.
If this fails, you need to use my favorite 4 letter word.....NEXT!
Okay, Option One is not my favorite lender. In fact, I will not attempt a short sale with them until they change their policy regarding the 90%.
This is a true story and I am in the process of going up the ladder. I had a short sale where they had performed a BPO last August. The home came out of bankruptcy and back into foreclosure. The homeonwers had vacated the property almost a year ago. The BPO on file was $98K. Man was that a joke. The ARV was $110k.
Option One told me they would accept 90% of a new appraisal if I was willing to pay for it and being an approved Option One appraiser. So I paid the $300 and the appraisal came in at $68K. So I re-submitted my Hud-1 with the revised offer based on their requirements along with the appraisal and email documentation from the LM.
I could not get a return phone call for over three weeks. Keep in mind that they postponed the auction date so I could order the appraisal. They then came back to say there was too much of a difference from the BPO and the appraisal. Of course they did not want to discuss the fact that I did everyhting they had asked.
I will wait to see the house sit over time and then attempt to buy.
In fact I had a lady call last week and her lender was Option One and I told her that I would not be able to assist her.
Not sure if others have experienced the same but I will just stay away.