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  1. #1
    Join Date
    Dec 2007
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    5

    Default Auction of a Home in Bankruptcy

    My sister and I inherited my late mothers home 2 yrs ago. She has not cooperated in the sale. She has not liked who wanted to buy it, won't communicate with me or realtor, etc. Then suddenly she tells me she can't pay her 1/2 of the real estate taxes. We owe attorney fees, funeral bill & monument company upon the sale.

    I have been forced to file chapter 7 bankruptcy in Tennessee. It is in the Trustees hands now and he assured me that the house will be auctioned in the next couple of months. I was at my wits end, not even caring if I didn't get a dime, just want the bills paid and to close the chapter in my life. He did tell me that my sister is going to be very mad over this auction. Of course this was the judge at the bankrupcty hearing, so I didn't get to ask many questions about what will actually take place.

    Does anyone know how this will work? He told me there was nothing she could do now to stop this and that it will be coming to an end and agreed it has been going on too long. I would just like to know what will take place and how the auction works.

    If anyone knows, I thank you in advance

  2. #2
    Join Date
    Sep 2005
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    98,846

    Default Re: Inherited Home In Illinois and Bankruptcy in Tennessee

    The trustee will set up the auction, auction date, and bid procedures, and an auction will be held. The trustee should be able to share with you the details for the auction of your property.

  3. #3
    Join Date
    Dec 2007
    Posts
    5

    Default Re: Inherited Home In Illinois and Bankruptcy in Tennessee

    Will there be a minimum bid (like just enough to cover what is owed?) or will they try to "make a profit" from the sale? I am curious as to if my sister will get any profit out of the sale as I don't think any of the money will come to me because of the bankruptcy.

    I am just kinda hoping that the outstanding bills from her funeral are paid and that neither one of us get any profit. I know that sounds harsh, but she has really put me through heck the last 2 years and I hate the thought of her getting any money at all.

    In the meantime, I will see if I can find out how to contact the trustee. Thank you for your time.

  4. #4
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    Sep 2005
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    98,846

    Default Re: Inherited Home In Illinois and Bankruptcy in Tennessee

    It is possible for there to be a minimum bid.

  5. #5
    Join Date
    Dec 2007
    Posts
    5

    Default Re: Inherited Home In Illinois and Bankruptcy in Tennessee

    The trustee is a judge and at the meeting, we were told he could not answer legal questions. So, you do think I should be able to contact him now about the proceedings or contact my lawyer. (My lawyer just said he wasn't sure about the law concerning the house situation)

  6. #6

    Default Re: Auction of a Home in Bankruptcy

    Who was the executor of your mother's estate? They should have sold the house and paid the bills and then split what was left.

  7. #7
    Join Date
    Dec 2007
    Posts
    5

    Default Re: Auction of a Home in Bankruptcy

    No executor, no will, no nothing. The house has been paid for years. It automatically went to the only survivors. Me and my bipolar sister. My husband and I lost pay for almost an entire month, paid expenses up front, had to hire an attorney for guardianship and it ran our credit cards thru the roof. She now tells me she can't pay 1/2 of the property taxes. With that on top of a job loss right before my mother got sick, I am now being forced to file bankruptcy. We had an offer (only 1 in two years) on the house, earnest money put down, but it was a little below asking price, therefore my sister would not sell. If it would have sold, I could have used my part to pay down my credit cards and not have filed bankruptcy. She was beneficiary of the only life insurance and kept it all and did not pay a dime on funeral expenses. I have been screwed from day 1 and have done all the work. From what I can tell, I am going to continue to get screwed because she will still get her 1/2 from the sale and my 1/2 will go to the trustee, right? Thanks, I appreciate your time and listening to me! As you can tell, I am upset.

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