Hi. I have a question about bankruptcy and foreclosure. I went through bankruptcy (Chapter 13, then Chapter 7) and gave up my car and my house. The bankruptcy was finalized more than six months ago. The mortgage company that “owns” my house is in Texas and I’m in Oklahoma. Recently, I got a call from a person who noticed that my old house was not occupied and they want to buy it. It has not gone into foreclosure yet. The mortgage company and the prospective buyer have reached an agreement on the sales price. The mortgage company and the prospective buyer’s attorney both say that I need to sign a real estate purchase contract with the prospective buyer and then actually go to closing and “sell” the house, sending all money to the mortgage company. The prospective buyer agrees to pay ALL costs, and assures me that I will not have to pay ANY costs at all. Does this sound like the right thing to do? I thought I lost all interest in the house when my bankruptcy was finalized. How can I sell a house that I lost in a bankruptcy? Thank you for any help you may provide me so I can understand the bankruptcy/foreclosure process.
The bankruptcy trustee may have “owned” the property in a Chapter 7 case but only as Trustee for your bankruptcy estate. He can sell it for the estate unless you claimed it exempt and the court so ordered. What may have happened is on one did anything and after the case is dismissed you get the house back so to speak but still in default. The mortgage company could have filed for a lift of stay and if granted they have the right to foreclose. I have a sale pending as we speak, where I have no equity. If some one wants to buy it I would have to deed it to them. You should have gotten copies of all filed motions, orders etc that would have let you know what was happening. If they want to buy your property you should get a few bucks $500 just for showing up to sign. The mortgage company does not own the house yet until they foreclose and become the owner if no one buys it at the sale.
Where is the house located. I may know people that will pay you more depending on equity etc