Posted by NJDAVE on April 26, 1999 at 14:38:10:
I’m not an attorney and I’m certainly not offering you legal advice, but I seem to recall reading that if you’re in a bankruptcy plan (irrespective of the chapter) you will need the BNK trustee’s approval to enter into a sales agreement.
Have you tried negotiating a forebearance &/or loan modification plan with your lender?
It would certainly seem less expensive and less complicated than entering into a sale and leaseback agreement. Did you consider the tax liability that will surely result if there is any debt forgivness?
My advice? Face the foreclosure head on with your lienholder. If your argument is supported with a comprehensive Proposal and FACTS, you have a good chance at saving the house. But, you’d better get a move on. Tick tock.