Debtor Questionnaire

We noticed that your home was involved in a Bankruptcy Case.
There are a lot of moving parts when it comes to deciding to keep your home or sell it and what the benefits of each are to you.
That’s where we come in. We are specialists in this space and offer a free consultation to make sure you have all the information you need to make an informed decision. Some key questions to ask yourself are:

  1. Have you and your attorney discussed your real estate and the loan(s) associated with it? (Did they provide a clear recommendation and explain why?)
  2. Are you behind on your payments? (If the answer is “Yes,” this can impact your decision to retain or sell the property.)
  3. Do you know the current value of your property?
  4. Do you owe more than the home is worth? (If “Yes” banks are very eager to work with you to sell the property and we can help eliminate any liens through our Consented Sale program.)
  5. Has the bank/lender initiated any foreclosure actions? (Even during the pandemic, things are still happening behind the scenes. We can check on this for you.)
  6. Did you know that even after your debt is discharged in bankruptcy, the bank can and will foreclose on the home if the loan is not current?
  7. Have you spoken with your lender about retention options? If you answered yes to the questions above, retaining the home is more difficult and often not the best strategy.
  8. Did you know a foreclosure will impact your credit for 7 years. Selling in a short sale or Consented Sale will be a far better strategy and get you bankable sooner!
  9. Have you considered a strategy that will provide you with enough time to make your next move and that may also provide you with money for relocation assistance? (We can help you with this!)
  10. Would you like to schedule a call to address these items?

Whether you elected to “retain” or “surrender” your home in the bankruptcy, you still have to work out a solution directly with the bank to resolve your home loan. That’s either reinstatement or modification of your loan, a sale, or a foreclosure.

Let’s schedule a call to discuss.

All the best,

[Your Name]

If you are a real estate agent or broker and have not yet completed the Bankruptcy Specialist Certification Course, click here to get started.