QUESTION
Can I sell my house after Chapter 7 for a profit?
Asked on Jun 08th, 2016 on Bankruptcy - Alabama
More details to this question:
My house was appraised during the bankruptcy for 96,000 using the tax valuation. I owe 120,000. The market value of the house is now 140,000, a year after discharge and closing of bankruptcy case. We did not reaffirm the mortgages, but have been working on a loan modification with the first mortgage holder. We owe 60 on each mortgage, the first and the second. Can we sell the house for a profit?
1 ANSWER
Foreclosures Attorney serving Birmingham, AL
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Matthew A. Dunaway Attorney at Law
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As long as your case has been discharged and closed, you should be able to sell the house. Even though you didn't sign a reaffirmation agreement, since there has not been a foreclosure sale you still own the house, thus, you can sell it. I don't see a problem with you doing what you want to do, based on your fact scenario.
Answered on Jun 09th, 2016 at 8:08 AM