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Foreclosed Being Stopped to Allow a Short Sale

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  • 10-08-2012, 07:25 PM
    jnl
    Foreclosed Being Stopped to Allow a Short Sale
    My question involves a mortgage in the state of: California

    I have filed for bankruptcy back in May 2012 mainly because I was a co-owner of my mother's house currently in foreclosure & soon to be auctioned off on
    10/11/12. I did not want any further involvement with mother's house & wanted to cutt all ties due to the fact that I recently got married & now supporting
    my own family.

    For some reason, my mother decided the week before auction, that possibly she can cease foreclosure & hope to sell it under a short sale.
    All I know is that, I've been pressured by agents whom she now is in connection with, to sign papers that requires both me & my mother's signature on the original loan to cease foreclosure & short sale the house, assuming our consent to move forward.

    My concern is, I refuse to sign any papers if this is going to effect me & my own family. i did suggest to my mother's agent that I can submit my bankruptcy discharge notice, that's about it. Should I be concern that if I do sign their required paper work, even after bankruptcy discharge, would this effect me in any way? Also, is it possible that in such a short notice, an agent can really cease a foreclosure couple days before auction? Please reply. Any info would greatly be appreciated!
  • 10-09-2012, 07:31 PM
    Mr. Knowitall
    Re: Foreclosed Being Ceased for Short Sale
    It's up to you whether or not you sign "papers".

    We have no way of telling you if the lender is going to forebear on the foreclosure in order to try to complete a short sale, or what terms it might offer. If you doubt your mother's version of events, ask the lender.
  • 10-10-2012, 03:49 PM
    jnl
    Re: Foreclosed Being Ceased for Short Sale
    Thank you so much. I'm begining to realize that it's not IRS I should be worrying about but more on the bank is whereI should be concern. Let's say loan amount owed is $300,000. Short sale house for $150,000. Bank forgives $100,000 & balance is now $50,000. They wouldn't come after me for the balance because I am discharge from any liability. However they would go after my mother, right? Unless she files bankruptcy?
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