Can I short sell my home after my Chapter 7 discharge if I reaffirmed but can no longer afford the payments?

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Can I short sell my home after my Chapter 7 discharge if I reaffirmed but can no longer afford the payments?

My bankruptcy was discharged 2 months ago. I was seperated at the time but now am divorced but I live in home. We both reaffirmed but I can’t afford it alone. How do I short sell it or get out of the home? My ex-husband doesn’t want it now either. There is no equity (the inremaing mortgage balance is $150,000 over value of the home).

Asked on April 7, 2012 under Real Estate Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You need to contact the lender/servicer and if the court has already approved the reaffirmation along with the lender/servicer, you need to go in and try to see if the lender would agree to a short sale at this point. If you are having difficulty, contact the regulator for the entity and see if a complaint will help the process along. Ultimately, you will need someone to help you and your ex both fill out the proper paperwork and get this moving once the lender/servicer agrees to a particular sale price and you have a ready, willing and able buyer for it.


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