If you are in the process of selling your home and filing for bankruptcy, you may want to consult your local Bankruptcy Attorney for the right legal advice. If you seek advice from your agent, they will in turn refer you to a bankruptcy attorney.
In order to insure you don't lose thousands of dollars, you want to obtain a letter called the Affidavit of Abandonment for Real Estate & Asset. This will allows for a clear title on the property. If the home is in foreclosure, bankruptcy will put a hold on the process, until a "release of stay" is issued for the judge by the lender to proceed with the foreclosure. There is no telling how long that process can take. Again, something your local Bankruptcy attorney can assist you with. Now, if you have a buyer and they are trying to do business during this waiting period, it is considered fraudulent conveyance. The property legally does not belong to you the homeowner anymore. If there is any conveyance while the property is in conveyance it is invalid. This is because a trustee will be assigned by the court to handle the homeowners debt situation until it is discharged.
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Any buyer can request through the trustee to release the property, but if they feel there is value they will not release it for any reason. Unless it is requested to sell it for less than what is owed, called a Short sale. In this case, you the seller make no profit on the property. However a short sale should be considered after there are no other options, after foreclosure and bankruptcy. A short sale will
If you are deciding whether you should go through foreclosure or just file for bankruptcy, your attorney would probably tell you that going in to foreclosure will hold you back from so many home opportunities in the future, where as bankruptcy will only make you wait 2 years before being able to qualify for another mortgage. The ultimate decision is up to you and your attorney and of course your lender. The best advice we can give, is contact an attorney as soon as possible to avoid getting deeper in the financial hole.
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