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  1. #1
    Join Date
    Apr 2012
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    11

    Default Can You Sell Your House and Make a Profit After a Bankruptcy Discharge

    My question involves bankruptcy in the state of: Florida

    Spouse and I filed a ch.7 in January 2010. We have never missed a mortgage payment even though the bank doesn'
    t report it to the credit bureaus. Credit reports just say "included in Bankruptcy."


    Will we be free to make the profit when selling the house soon after that time? And I can find a realtor to sell my house, with no special problems?

    Thank you in advance!

  2. #2
    Join Date
    Oct 2006
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    14,499

    Default Re: Can I Sell My House and Make a Profit

    Quote Quoting LGinFL
    View Post
    My question involves bankruptcy in the state of: Florida

    Spouse and I filed a ch.7 in January 2010. We have never missed a mortgage payment even though the bank doesn'
    t report it to the credit bureaus. Credit reports just say "included in Bankruptcy."


    Will we be free to make the profit when selling the house soon after that time? And I can find a realtor to sell my house, with no special problems?

    Thank you in advance!
    Yes, you are free to make a profit and you will have no special problems when selling.

  3. #3
    Join Date
    Mar 2013
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    15,925

    Default Re: Can I Sell My House and Make a Profit

    Quote Quoting LGinFL
    View Post

    Will we be free to make the profit when selling the house soon after that time?
    Not sure what you are asking. If you sell your house for more than your purchase price, you will make a profit.

    Quote Quoting LGinFL
    View Post

    And I can find a realtor to sell my house
    Can't imagine why not.

    Quote Quoting LGinFL
    View Post

    with no special problems?
    Yes, there will be a special problem if you are thinking you won't have to pay off the balance.

    The lender is prohibited from attempting to collect the debt.

    But by the same token the lender has no obligation to give you the time of day if you want a lien release without paying the balance. The lender can just ignore you until you offer to pay the balance out of the proceeds. You might have to file a lawsuit to get the court to release the lien.

  4. #4
    Join Date
    Sep 2005
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    Default Re: Can I Sell My House and Make a Profit

    It is difficult to picture the lender giving the borrower any difficulty if the borrower proposes to pay off the balance due on its lien when the home is sold.

  5. #5
    Join Date
    Mar 2013
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    Default Re: Can I Sell My House and Make a Profit

    Quote Quoting Mr. Knowitall
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    It is difficult to picture the lender giving the borrower any difficulty if the borrower proposes to pay off the balance due on its lien when the home is sold.
    Agree.

    But the borrower may be thinking that he doesn't have to pay it off because the loan was discharged in bankruptcy.

  6. #6
    Join Date
    Oct 2006
    Posts
    14,499

    Default Re: Can I Sell My House and Make a Profit

    Quote Quoting adjusterjack
    View Post
    Agree.

    But the borrower may be thinking that he doesn't have to pay it off because the loan was discharged in bankruptcy.
    I think that is unlikely since he has made it clear/has emphasised that he has continued to pay the mortgage payments on time.

  7. #7
    Join Date
    Apr 2012
    Posts
    11

    Default Re: Can I Sell My House and Make a Profit

    Yes, thank you very much. The equity will allow us to downsize!

  8. #8
    Join Date
    Sep 2010
    Posts
    18,230

    Default Re: Can I Sell My House and Make a Profit

    Note that if he sells it for more than the basis (roughly the purchase price), he has a capital gain.
    That doesn't mean he necessarily has a profit. Almost all homes are going to be overall losses once you take interest into account.

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