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Contributor
Posts: 93
Registered: ‎06-26-2009
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SS after BK?

Hello,

 

We filed BK that was discharged in May 11'.  Earlier this year we tried to SELL our rental property to a relative but unfortunatly and NOT surprisingly it did not appraise and the deal went dead.  It's been 4 months now and I thought about doing SS.  Balance 130k; appraisal value 105k (this past May).

 

Since relatives didn't qualify the spent a little bit of their $ for down payment and do not have enough for the 5% down. 

 

It is my understanding that SS could take upto 6 months to get approved, if at all.  Relatives will have $$ in maybe 2 more months. And the attempted regular sale was only 4 months ago.. 

 

Because the regular sale was only a few months ago.. Can we move forward with SS when relatives have $$ for dp?

 

How long should we wait if it's too soon?

 

Thank you in advance.

Moderator
Posts: 15,075
Registered: ‎07-14-2009
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Re: SS after BK?

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