Short sale after bankruptcy?

On June 25, 2011, in Bankruptcy, Real Estate, by Robbie L. Vaughn, Esq.

We are often asked, “should I short sale my property if I already filed for bankruptcy?”

Maybe.

There may be several reasons to proceed with either a deed-in-lieu of foreclosure or a short sale of  your home after your bankruptcy discharge is granted and your bankruptcy case is closed:

  • To avoid paying Homeowner’s insurance.
  • To avoid being liable for any injuries sustained on the property.
  • To avoid liability for HOA dues.
  • To avoid liability for failure to maintain the property.

The above reasons may cause you to lean towards a short sale or deed-in-lieu of your property. However, it would be wise to consult with a bankruptcy attorney New York before making a final decision.

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