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  1. #1

    Default Chapter 7 and Short Sale

    My question involves bankruptcy in the state of: California

    My husband filed Chap 7 (in California)...waiting on response from trustee but is delayed & according to the BK lawyer, it may take awhile. We are current on our mortgage but we are thinking of short sale? We bought the house at 700K, now worth 430K, last year got approved for HAMP remod, but now having a hard time making those payments. Is it worth to short sale or wait for decision on BK from the trustee? We would like to move to a different city for kids' school & rent a cheaper house out there.

  2. #2
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    Default Re: Chapter 7 and Short Sale

    You are presently in bankruptcy proceedings for which you are represented by a lawyer, so you should discuss this matter with your lawyer. I expect your lawyer would tell you not to reaffirm your mortgage.

    You would also need to get a sense of whether your lender has any interest in a short sale. You can investigate your lender's policies in advance of your discussion with your lawyer.

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