STATE: Commonwealth of Pennsylvania
2 secured mortgages, total outstanding balance = $250k
PMV = $275k
Last mortgage payment = 11 months
No rental income for > 1 year now
Eviction proceedings in works against 2 non-paying tenants
Civil suits filed against same 2; I am plaintiff
Working with primary and secondary secured lienholders on short-sale plan. Amicable.
Unsecured creditor obtained $200k judgment, unrelated to home
Sheriff's sale in 3 weeks - pushed solely by unsecured creditor
Not logical to me as unsecured creditor must know -0- for them out of sheriff sale proceeds.
Have obtained mixed opinions from 3 different attorneys -
- file chapter 7 immediately
- let home go to sheriff's sale
- keep working with secured creditors
- do nothing now; chapter 7 in near future
All 3 creditors major US banks.
- Secured creditors do not want sheriff sale at this time
- Should I contact unsecured attorney - is there any point in doing so?
- Can secured creditors stop or at least defer sheriff's sale so short sale can occur. Buyer waiting.
- If no way out and sheriff sale imminent in 3 weeks, should I continue to pursue evictions and civil proceedings as plaintiff in interim?
Thank you for your time.