| Author |
Previous Topic | Next Topic |
|
choko90
6 Posts |
 Posted - 08/26/2007 : 4:28:07 PM
|
| Hello, can anybody tell me if a seller can changed their mind on a shortsale, after the lender has approved it. |
|
|
|
Tim Thompson
461 Posts |
Posted - 08/26/2007 : 4:29:12 PM
|
| They can change their mind but will have to pay off the full lien amount when they sell it |
|
|
choko90
6 Posts |
Posted - 08/26/2007 : 4:33:23 PM
|
| The seller is being very mean, he has no attention in saving his home. All docs has been sign,but he is now refusing to sign the POA. He just decided after 5mts and the bank approved the shortsale,now he wants his home, please!! |
|
|
vivianr
449 Posts |
Posted - 08/26/2007 : 8:00:43 PM
|
quote:
Originally posted by choko90
The seller is being very mean, he has no attention in saving his home. All docs has been sign,but he is now refusing to sign the POA. He just decided after 5mts and the bank approved the shortsale,now he wants his home, please!!
He is going to lose his home. He can't stay in it. You lost your time and the banks time and his home will go to sell. The only thing holding his home from TS was the short sale |
|
|
katroberts
1479 Posts |
Posted - 08/26/2007 : 8:24:04 PM
|
quote:
Originally posted by vivianr
quote:
Originally posted by choko90
The seller is being very mean, he has no attention in saving his home. All docs has been sign,but he is now refusing to sign the POA. He just decided after 5mts and the bank approved the shortsale,now he wants his home, please!!
He is going to lose his home. He can't stay in it. You lost your time and the banks time and his home will go to sell. The only thing holding his home from TS was the short sale
...or he'll go file a Chapter 13 to stay the foreclosure and to pay the mortgage arrearage in the Chapter 13 case in an effort to save his home
... or he'll file a Chapter 13 to stay the foreclosure action, not pay his Chapter 13 payments and then lose the house...
I've seen this happen many times in my work as a bankruptcy paralegal. |
|
|
Mandyvilla
6303 Posts |
Posted - 08/26/2007 : 8:30:44 PM
|
These are the BK laws that should have been tightened - the loopholes in the timelines.
But........ my understanding side will try to be more forgiving, as long as it's not on the backs of the tax-payers |
|
|
katroberts
1479 Posts |
Posted - 08/26/2007 : 8:47:13 PM
|
The credit card companies and car finance companies that backed the Bill got what they wanted. I saw the effect of the "tightening" (I use that term loosely) right after 10/17/05 when the bankruptcy reform went into effect. You would not believe what I see happening here with BKs. Debtors file. Debtors don't make payments. Case gets dismissed. Case gets filed again. Debtors don't pay. Case gets dismissed. Lender trying to foreclose is stalled and stalled again. It's called being a "serial" filer. They get by with it 2 times, but not 3 around here. 2 times, though, when you do not have the regular income to file a Chapter 13 (as required by the Code) but are still allowed to file, and then you file twice after not having made payments in either bankruptcy is nothing but an abuse of the system and the intent of the law.
|
|
|
vivianr
449 Posts |
Posted - 08/26/2007 : 9:06:10 PM
|
quote:
Originally posted by katroberts
quote:
Originally posted by vivianr
quote:
Originally posted by choko90
The seller is being very mean, he has no attention in saving his home. All docs has been sign,but he is now refusing to sign the POA. He just decided after 5mts and the bank approved the shortsale,now he wants his home, please!!
He is going to lose his home. He can't stay in it. You lost your time and the banks time and his home will go to sell. The only thing holding his home from TS was the short sale
...or he'll go file a Chapter 13 to stay the foreclosure and to pay the mortgage arrearage in the Chapter 13 case in an effort to save his home
... or he'll file a Chapter 13 to stay the foreclosure action, not pay his Chapter 13 payments and then lose the house...
I've seen this happen many times in my work as a bankruptcy paralegal.
|
|
|
vivianr
449 Posts |
Posted - 08/26/2007 : 9:09:24 PM
|
quote:
Originally posted by katroberts
quote:
Originally posted by vivianr
quote:
Originally posted by choko90
The seller is being very mean, he has no attention in saving his home. All docs has been sign,but he is now refusing to sign the POA. He just decided after 5mts and the bank approved the shortsale,now he wants his home, please!!
He is going to lose his home. He can't stay in it. You lost your time and the banks time and his home will go to sell. The only thing holding his home from TS was the short sale
yes, u can file chapter 13 I have done it for clients before, but don't forget you have to make your monthly payment on your mortgage + the amount u owe in 3 - 5 years. If you couldn't make your regular what makes you think they can pay the monthly + what they are behind. Don't kid yourself. Then if they don't stick to the plan they will lose the home anyway and spent peoples time and played with the system. At the end he will lose the home
...or he'll go file a Chapter 13 to stay the foreclosure and to pay the mortgage arrearage in the Chapter 13 case in an effort to save his home
... or he'll file a Chapter 13 to stay the foreclosure action, not pay his Chapter 13 payments and then lose the house...
I've seen this happen many times in my work as a bankruptcy paralegal.
|
|
|
katroberts
1479 Posts |
Posted - 08/26/2007 : 9:27:42 PM
|
| Oh, Vivian, I could never forget about the clients having to make their Chapter 13 payments... Before getting into this profession, I was a bankruptcy paralegal for many years. I kept up the work and still do it on the side as a contract paralegal. I do it mainly to stay in the game and because I meet and talk to a ton of potential new loan prospects every day who may need my services in the future should they successfully complete their Chapter 13 Plan or, at the very least, pay their payments on time so that I can refinance them out. |
|
|
vivianr
449 Posts |
Posted - 08/26/2007 : 9:48:39 PM
|
quote:
Originally posted by katroberts
Oh, Vivian, I could never forget about the clients having to make their Chapter 13 payments... Before getting into this profession, I was a bankruptcy paralegal for many years. I kept up the work and still do it on the side as a contract paralegal. I do it mainly to stay in the game and because I meet and talk to a ton of potential new loan prospects every day who may need my services in the future should they successfully complete their Chapter 13 Plan or, at the very least, pay their payments on time so that I can refinance them out.
I guess what bothers me the most,are people that play with us, like that poor lady who completed the approval part of the short sale and now the homeowner will not sign. We are all having such a hard time with everything (guidelines, interest rates up and down, underwriters) and now this poor lady has to deal with an idiot that wasted her time and the banks time. I always want the homeowner to stay in his home, but at what price? the clock ticks and he will eventually lose it. |
|
|
katroberts
1479 Posts |
Posted - 08/26/2007 : 9:57:17 PM
|
It is frustrating to do a lot of work for someone to not have them appreciate it or to just back out, however, it's his right to do what he wants within the law. You win some, you lose some. You just have to move on. I've lost some loans for stupid reasons, but it was not because I did not work extremely hard and do the best job I could do. It's usually due to me kicking the borrower to the curb because they want to do something unethical and illegal. Those are not so painful at all. The painful ones are the ones that you put your heart into that change their mind. We just cannot waste energy on the ones that we lose because it takes away time from the ones we can help.
I do get extremely frustrated when I see serial bankruptcy filers. I do Chapter 13 work for attorneys who are retained by the same filers for the 2nd and 3rd bankruptcy. It is frustrating, and I do not understand it.
|
|
|
| |
Previous Topic | Next Topic |
|
|
|
