bankruptcy: Short Sale Completed Through Bankruptcy - 10/08/10 12:31 PM
Even when time runs out, and still no approval yet from the third party bank on the contract at hand, and the seller gets nervous and decides to file Chapter 13 Bankruptcy the day before the auction date, you can still complete the sale of the home while in Bankruptcy.  The only difference is that there is another party involved called the Trustee.  As I have done previously, with a little extra paperwork and attorney help, you can complete the sale through the bankruptcy.  So if a seller that you are working with is in the middle of a short sale … (2 comments)

bankruptcy: Finding the BEST Short Sale Real Estate Agent is Important!!! - 10/02/10 03:29 AM
Finding the BEST Short Sale Real Estate Agent is important.  Make sure that your agent has the knowledge and experience that it takes to get the job done.  You need an agent that works hard for you.  There have been too many people coming to our law office because their short sale was denied asking to file bankruptcy.  The reason for most of the denials is that the proper paperwork was not submitted or some of the paperwork is missing.  It is important the sellers check in with their mortgage company to make sure things are moving along smoothly.  If not, … (8 comments)

bankruptcy: Part 2 of Bad Citi Mortgage Short Sale - 09/27/10 01:05 AM
The entire short sale fell apart and the property went to foreclosure as said in previous post.  I had contacted Fannie Mae before the foreclosure and they told me they would give me a 30 day window to complete and not foreclose on the property.  After the foreclosure, the bank put the house back on the market.  Last Week, I received a call from Fannie Mae asking how my short sale went.  I could not believe that the communication between Fannie Mae and their mortgage servicers are so poor.  I said the property went to foreclosure according to Citi Mortgage, they … (7 comments)

bankruptcy: Helping Others Is What We Do - 04/27/10 04:09 AM
I have crossed paths with so many people with so much hardship that I can’t help but to try to do my best to relieve them of this horrible time of their life.  I try to tell people that there are options available for everyone and that it is not the end of the world as they see it.  There are so many people out here right now that are taking advantage of someone’s hardship and trying to make money from their desperation, but then there are people like me that try to help their situation and make things better and … (0 comments)

bankruptcy: Short Sales Getting Easier - 04/24/09 01:37 PM
I am finding the following improvements while working with  short sales:
 
* Phone numbers for the negotiators for the banks are getting easier to get.
* Wait time on the phone for someone at the bank to help you is getting shorter.
* More service reps are trying harder to help the situation instead of telling me to call back in 5 days
* Banks are becoming more realistic with the prices of homes.
* Banks are asking for less information up front.
 
I think that we will be able to help our clients succeed in their short sales … (5 comments)

bankruptcy: Filing Bankruptcy when you have a short sale listing - 10/15/08 11:48 AM
Since I wear two hats, one as a bankruptcy paralegal and the other as a Real Estate Agent I have clients coming to the office to file bankruptcy who have their home on the market for a potential "short sale".  They are being told that you can still sell your home while in Bankruptcy  or Bankruptcy will not have anything to do with the sale by their RE Agent.  In Virginia, if you file Bankruptcy then the listing agreement as all agreements and contracts are voidable and you cannot continue the sale until motions are filed and orders are signed by … (5 comments)

bankruptcy: Is Your Real Estate Agent Honest About What They Really Know? - 02/06/08 01:07 PM
Someone who called me today at the law firm I work at, was asking for legal advice before pursuing a short sale with a real estate agent.  After asking some questions, she stated the following:
 
The Agent she wanted to represent her interests told her that he is very successful with short sales and very experienced.
       He is working some short sales right now that are going well.
 
That he closed on some short sales and were very successful.
 
That if the short sale doesn’t work, then you can give the home back to the mortgage company.
(18 comments)

bankruptcy: Foreclosure, Bankruptcy, Short Sales, Which one is right - 01/28/08 02:45 PM
With so many people losing their homes these days, I wanted to share some information about using to the bankruptcy system to help someone stay in their home instead of doing a short sale or a Foreclosure. 
Every situation is different. 
Since I work as a bankruptcy consultant/paralegal at a law firm, and I also am a Realtor I am finding that my knowledge in Foreclosure and Bankruptcy has come in play with my real estate business when I normally can keep the two separate.  But with all the foreclosures these days and mortgage issues,  I am finding myself making decisions … (26 comments)

bankruptcy: SOMEONE PURCHASED A HOME WITHOUT ANY I.D. AT ALL - 01/28/08 01:55 PM
 (this is a re-post, was deleted in error)
This was interesting today.  I get a lot of people that come through the law firm I work at with the most unusual housing situations to see if they qualify for bankruptcy.
 Well, this couple bought a home together in 2005 and now cannot afford the mortgage.  (adjustable w/neg am).  OK, same with just about everybody that walks through my door. 
 I explained the bankruptcy process to them and told them that two of mandatory items that were needed are 2 forms of ID, one with picture (license, school ID, etc.) and one … (14 comments)

bankruptcy: Losing Your Home, Filing Bankruptcy, Need to Move??? RENT BEFORE FILING BANKRUPTCY - 01/28/08 02:33 AM
 
 
If you are thinking about letting the home go through foreclosure and considering Bankruptcy as an option, and need to rent a home, then RENT before filing bankruptcy.  It is more difficult to rent a home after bankruptcy then to buy a home after bankruptcy.  My clients have experienced this first hand because they waited until after bankruptcy to rent a home and were unsuccessful. During the time you are in Bankruptcy, you cannot do any business until after discharge if filing a Chapter 7. 
 
 If you commented on this before, I am sorry but I deleted by … (33 comments)

bankruptcy: IS SHORT SALE THE ANSWER TO ALL OF THEIR FINANCIAL PROBLEMS? - 12/14/07 01:30 PM
 
The answer to this is “NO”.   I am still finding that people that call me regarding a possible short sale that Bankruptcy is still the answer.
 
If the short sale does not accomplish all of someone’s financial distress, because someone may have a ton of other debt, and possibly unemployed, maybe a short sale is not going to work for someone in this situation. There has to be something that benefits the “Seller”.  That this will be a road to recovery for the homeowner that may be losing their home.
 
The seller has no other large amount of … (9 comments)

bankruptcy: IS IT ALL ABOUT THE MONEY WITH SOME AGENTS??? - 10/27/07 09:47 AM
 
        Well let me just say that I am not just a Realtor®, I am also a Bankruptcy Consultant and I am really upset about what I have been seeing from other agents in my area. 
 
        Let me just give you one example and this is not the first time I have come across this, this is the third in the last 2 months:
 
        A couple, husband and wife, came to my office to discuss bankruptcy options due to  Husband was out of work for 7 months, behind on their payment and facing … (25 comments)

bankruptcy: Selling or Refinancing through Bankruptcy - 10/05/07 02:27 PM
 
Lately, I have been receiving calls from other agents and lenders regarding how bankruptcy can help a homeowner have more time to refinance or sell their home.  So I decided to share with the group.
 
Well, first if there is a foreclosure date already scheduled, you can buy more time by filing a Chapter 13 Bankruptcy – which can be dismissed by the debtor at any time. (You can change your mind).  With a Chapter 7 you cannot change your mind.  Once filed, you need to follow through. Once the “Automatic Stay” is in place, you can still refinance … (8 comments)

 
Stella Barbour, Principal Broker, Serving Virginia and Maryland (NoVa Brokers LLC)

Stella Barbour

Principal Broker, Serving Virginia and Maryland

Vienna, VA

More about me…

NoVa Brokers LLC

Address: 1483 Chain Bridge Road, Suite 103, McLean, VA, 22101

Office: (571) 814-3002

Mobile: (703) 999-6104

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