Q: Can A Mortgage Company Receive A Termination of Stay After The Bankruptcy Trustee Has Obtained a Ruling For Sale of Real Estate?
The Trustee (chapter 7) has received approval from the presiding judge to sell real property. The property was then listed as a short sale. An offer came in and was accepted by the second lender. The first lender apparently receives 100% with no need to negotiate. Now that same first lender has entered a motion to terminate the stay and proceed with foreclosure?
A closing date has been set, if the first lender obtains approval to terminate the stay and proceed with foreclosure (why would they???) how will this affect the sale?
About the Author
Chris served on the Board of Directors for Habitat for Humanity
Seattle/S. King County for 10 years and served as Vice President
of the organization during part of that time. Read More