New Jersey Real Estate Legal Questions

You should consult with a real estate attorney asap.Either you have a deal or you do not.If it is relisted and being shown and you are okay with that,you want your deposit back and documentation attesting to the fact that the deal is terminated and you have no further responsibility.If you want to proceed and it sounds like there is probably a binding contract,counsel just needs to work out these inspection/representation issues.Good lawyers and real estate agents are usually able to work out such issues.... Read Answer

Well you should have a lawyer examine the power of attorney to determine what specific authority was given to dad and the actual scope of the poa.It sounds like there may be an attempt to improperly utilize the document.If that is the case,it would be important for an attorney to get involved and so notify the other side of the deal.In the event the matter got contentious and went into a lawsuit,your son would be entitled to some level of delay due to his military service.However,the sooner you get a lawyer to look at this,the better.... Read Answer

A short sale would be much better for your credit.  In addition to the fact that you filed bankruptcy (which will stay on your credit for approximately 10 years), a deed in lieu of foreclosure will look much worse on your credit report than a short sale (which should be reported as settled for less than amount owed).  In addition, any delinquent house payments that occurred after the date that you filed bankruptcy can not be reported under the Bankruptcy Laws and the Fair Credit Reporting Act.  Make sure you check your credit report consistently to ensure that there is no delinquent reporting by your creditors. As for recovering money you put in, it is unlikely, even in a short sale, unless there is significant equity in the home.  If you are "underwater" on the house (i.e., you owe more than it is worth), the Bankruptcy Court may allow a "cram down" of the mortgage.  In other words, in certain situations a Bankruptcy Court may extinguish that part of the mortgage that is greater than the value of the house, and "cram down" the principal amount owed to be no more than 80-90% of the value of the home.  You should consult with local Bankruptcy Counsel to verify this, and see if a cram down option might work for you.  If you are eligible for a cram down and can afford the newly reduced mortgage payments, it would make sense for you to keep the home and then sell it once your Bankruptcy is over, thereby recovering your costs. Please note, however, that even if you proceed with a short sale and it is approved by the Bank, the short sale must also be approved by the Bankruptcy Court in order for a valid title transfer to occur.  Again, you should consult with local Bankruptcy Counsel to determine which option best suits your situation.  Bankruptcy Laws are constantly changing, and the Rules are very state specific. -Jennifer Polovetsky, Esq.Law Offices of Jennifer Polovetsky, Esq., PLLCFull Service NYC Metro Area Law Firm Practice Areas: Real Estate Law and Litigationwww.jprealestatelaw.com... Read Answer