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  1. #1
    Join Date
    Sep 2012
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    Default Re: Trustee Forces Me to Short Sell My Home, and Appoints a Real Estate Agent

    what the trustee is attempting to do is cut a deal with the mortgage holder to accept less than current value and sell the property "short" but above the amount the secured creditors demand, by doing this they capture money which they can use towards debts.

    The sale won't always happen because the secured creditor will want a minimum amount and sometimes the trustee can't make that happen


    you could also try to convince the secured creditor (chase) that you will be able to pay your mortgage once out of chapter 7, assuming they have not signed anything binding with the trustee yet.

    but if you have been on a course towards foreclosure for a while now the bank will likely prefer to have a quick and clean short sale instead of a drawn out foreclosure and foreclosure auction

  2. #2
    Join Date
    Sep 2010
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    19,901

    Default Re: Trustee Forces Me to Short Sell My Home, and Appoints a Real Estate Agent

    You do understand the trustee represents the interest of the creditors not you? This is a matter between the Chase and the Trustee.

    I disagree with Lehk, while the trustee can't force the lender to take a short sale, there is plenty of incentive for the Chase to take the short sale and run rather than having to ride out the stay and hope that the borrower isn't still going to continue the default and they ahve to foreclose and likely end up with an REO.

  3. #3
    Join Date
    Sep 2010
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    478

    Default Re: Trustee Forces Me to Short Sell My Home, and Appoints a Real Estate Agent

    I hope you have an aggressive and well qualified attny.

    Not getting into the issue of the title to the property. . .

    A trustee’s attempt to sell the home out from under the debtor (bypassing any claim to a homestead exemption) is not new. All across this Country trustees are attempting to cut deals with lenders and short sale buyers for a kick back to 1) line their own pockets; 2) line the pockets of their buddy the realtor; 3) line the pockets of their attny if one is hired; and 4) when all is said and done, give a few bucks (and I mean “very few bucks”) to the unsecured creditors. This process has had some success and, unfortunately, I have not seen any attorneys take the trustees to task.

    In the past the properties stolen by the trustees were either investment property or, if the debtor’s residence, being surrendered to the lien holder. What does your Statement of Intention show as it relates to the property?

    I recommend you take the time to read the below threads for a better understanding of the issues and problems.

    http://www.bkforum.com/showthread.ph...t-quot-trustee

    http://www.bkforum.com/showthread.ph...charge-(Chap-7

    Des.

  4. #4

    Default Re: Trustee Forces Me to Short Sell My Home, and Appoints a Real Estate Agent

    Thank u for all of ur answers.

    I was completely taken aback by this. Attorneys that witnessed it said that they've also never dealt with this. So this came out of left field.

    Each time a realtor has called advising me that my house is already listed, prior to me rec'g any paperwork (like the kind I did today) all said was illegal to do. But each said something different as far

    My biggest gripe is that the trustee hand picks a realtor for me to use. Geez. I can't even use one of my choosing. The realtor isn't even in my county. He's nearly 3 hours away.
    That was strange.

    I think it's one thing to say u have to do a short sale, but then tell me I have to use this guy. Seems crazy to me. Not very ethical. Why does it matter to the trustee, who I use?

    I'm going to read those other threads. And have to look into getting a decent attorney.

    Thanks for the input so far!

  5. #5
    Join Date
    Sep 2012
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    1,991

    Default Re: Trustee Forces Me to Short Sell My Home, and Appoints a Real Estate Agent

    Quote Quoting flyingron
    View Post

    I disagree with Lehk, while the trustee can't force the lender to take a short sale, there is plenty of incentive for the Chase to take the short sale and run rather than having to ride out the stay and hope that the borrower isn't still going to continue the default and they ahve to foreclose and likely end up with an REO.
    You don't disagree with me, chase will very likely want the short sale to go through because it's quicker and cleaner this way. I only stated that convincing them would be a possible way to stop this but it's not going to happen if he can't prove to chase that he will make all of his payments so they don't have to foreclose.

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