For millions of Americans struggling to manage their finances, it can seem that there is little hope of ever getting out from under a mountain of debt. The weight of owning a home that is underwater, of holding credit card debt at unbearably high interest rates, or the bills incurred from going through a medical emergency or divorce can leave no other option but to file for bankruptcy protection.
Bankruptcy laws have been put in place for a very specific reason: to help individuals free themselves from unmanageable debt so that they have the opportunity to get a fresh start.
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When it comes to owning a home that is in foreclosure, filing for bankruptcy does afford the homeowner some relief, if only for a time. When a homeowner seeks bankruptcy protection, all foreclosure activity is stopped.
However, once a bankruptcy has been discharged and closed -- or if a mortgage lender petitions the court for a Motion of Relief of Automatic Stay -- a lender is free to resume any and all means of foreclosure.
It is not uncommon for bankruptcy attorneys to advise their clients to simply stay in the home as long as possible before the bank seizes it; however, there are two benefits to short selling after bankruptcy for you to consider.
One benefit of a short sale is more time. Short selling a home take time, lots of time. Sometimes up to a year. It is during this time while a short sale is in process that a lender wants the homeowner to stay in the home. Vacant homes invite vandalism, and vacant homes are more likely to experience damage from broken pipes, etc. These repairs are at the expense of the bank once they take back the home, and having someone taking care of the house is much more advantageous to them.
The second benefit to a short sale after bankruptcy is the potential to earn money. Mortgage lenders have realized it is financially beneficial to them to sell a home as a short sale rather than to sell it as a bank-owned property. As such, many lenders will offer to pay a homeowner-- even after a bankruptcy-- thousands of dollars to participate in a short sale.
As a real estate professional specializing in short selling after bankruptcy, I myself have negotiated several post-bankruptcy short sales where the homeowner received over $2,500 at closing. One client was even paid $25,000!
If you have filed for bankruptcy and the protection period is over, and you did not reaffirm the mortgage on your home, consider a short sale after bankruptcy as a dignified way in which to leave your home. You will be able to stay in the home longer and may actually get paid when the home does sell.
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