Does Bankruptcy Prevent Me from Selling My House?

If you are getting ready to file bankruptcy, one of the issues you may need to consider is what to do with your house. Although bankruptcy may allow you to keep your house, you will likely have to continue paying your mortgage. In many cases, the mortgage is adjusted based on an agreement between the lender and the bankruptcy trustee or court. 

If you plan on getting out of your mortgage, you may be able to sell your house fast for cash so that you can pay off the mortgage balance and any other debts. Selling your house to a local home buyer in Cincinnati, OH, may even prevent you from having to file bankruptcy, allowing you to keep your credit intact.

Can I Lose My House in a Bankruptcy?

There is no definitive answer to that question. Whether you lose your house in bankruptcy largely depends on three factors.

Bankruptcy Type

There are two main types of bankruptcies: Chapter 7 and Chapter 13. The difference between the two involves exemptions that you are entitled to. Bankruptcy is designed to give you a fresh start, not leave you broke. Therefore, the federal government allows certain exemptions. If your property is worth less than a specified dollar amount, you can keep it.

Home Equity

When deciding whether your property is exempt, the trustee considers your house’s equity. Equity is the market value of your house minus the balance on your mortgages or home equity loans. If you have equity in your home over the exemption limit, you may be forced to sell your house to pay your debt or buy it back by paying the trustee the value of your house.

Your Mortgage

Assuming you kept your house throughout the bankruptcy process, you are free to keep your home if you continue to pay the mortgage after the bankruptcy. It may be that after you are free of all the rest of your debt, you will be able to afford the mortgage payments. If so, you’ll be able to keep your house.

Can I Sell My House During Bankruptcy?

Once you file for bankruptcy, a trustee is assigned to your case to assess your house’s value and assets. Since your house is shielded under bankruptcy, the mortgage cannot foreclose on the property. This allows you to sell your house fast while filing for a Chapter 7, 11, or 13 bankruptcy. However, you must get permission from the court to sell your house.

If you can demonstrate that you plan to sell your house for cash to pay off your mortgage or other debts, the court may permit you to sell your house. A local home buyer can work with you and the bankruptcy trustee to file a motion to sell the house with the bankruptcy court. Selling your house to an investor is much easier than trying to list it on the market and go through a realtor.

How to Sell Your House During Bankruptcy

Step 1:  Contact Us

Call us today or fill out the form, and we will discuss your property. You can schedule a quick walkthrough. There is no obligation to sell, and you can ask as many questions as you like. Do not worry about making repairs or cleaning the house. We buy houses as-is!

Step 2: Get a Fair Cash Offer

If we like what we see, we’ll make an offer on the house. Our offers come in at just under the current market value of your property. We make most offers within 24 to 48 hours of looking at the house. You don’t have to wait to sell your house regardless of your situation.

Step 3: We Pay You Cash

If you accept our offer, we pay cash for your house. We can close the deal in as little as seven days. You schedule a closing day that is convenient for you. We pay all closing costs and fees. You simply sell the house and walk away with no strings attached. Selling your house has never been easier.

Benefits of Selling Your House for Cash During Bankruptcy

If you are like most people, you will probably plan to sell your house the traditional way. You contact a realtor, list your house on the market, make the necessary upgrades, show the house a few times, and finally find a buyer a few months later. If you’re lucky, you may find a buyer within a few weeks. However, there might be a smarter and easier way to sell your house fast. Consider these comparisons below:

You Don’t Wait to Sell Your House

If you are in a hurry to sell your house, you do not have time to wait for an offer three to six months down the road. When you sell your house as-is for cash, you can close the deal in as little as seven days.

We Simplify the Selling Process

Selling your house on the market involves a long, drawn-out process that includes marketing, repairs, showing, and closing. We eliminate these steps and make it easier to sell your house without the hassle.

You Save Money in Selling Costs

Making repairs, paying realtor commissions, and paying closing costs can eat into your profits. Selling your house to Neighborhood Enrichment can save you thousands of dollars. Let us handle the closing costs and repairs.

We Know the Cincinnati Market

Not even realtors know the real estate market as well as we do. Our professionals know the market, the people, and the property values in this area. We can make you a fair cash offer for your house.

We Buy Houses in the Following Areas:

Neighborhood Enrichment works with homeowners throughout Cincinnati and the surrounding areas in Southern Ohio. Many home sellers contact us from the following cities:

Blue Ash Cincinnati
Colerain Deer Park
Forest Park Hamilton
Madeira Madisonville
Milford West Chester

Sell Your House Fast Today with Neighborhood Enrichment

Selling your house does not have to be complicated or a long, drawn-out process. Neighborhood Enrichment makes it possible to sell your house fast in Cincinnati as-is for cash. To find out more about the benefits of a cash sale, call us today at 513-586-4237 and get a fast cash offer.