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Testimonials
"I chose to do business with Kara Homes for their good reputation; they're loyal to their clients."
- Josie, Short Sale, 11/29/11
“I called the number, talked to Michael, after I had already talked to a few other realtors, but Michael was a lot more knowledgeable, answered all my questions, and did not ask me for additional money for negotiating with the bank.”
- Arsim, Short Sale, 8/23/11
“Extremely knowledgeable and experienced. When things took time or seemed weird, they were one step ahead and completely familiar with everything that went on. It was scary for me, but their knowledge made it easier.”
- Kristen, Short Sale, 6/3/11
"I want you to know that each of you played such an important role in the process. The Kara team was so courteous and each member demonstrated true professionalism."
- Paul, Short Sale, 02/17/2012
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Bankruptcy FAQ

What is bankruptcy?

Bankruptcy is an option that is considered when financial obligations can no longer be met.  It is a process in which a person legal declares himself unable to pay outstanding debts.  Bankruptcy remains on  your credit report for 7 to 10 years and can be detrimental to your credit score, but in some cases bankruptcy can be beneficial.

How soon can I buy a house after bankruptcy?

Those who have filed for bankruptcy can typically apply for a mortgage in about 18 to 24 months, although there is no required time period.  Mortgage companies may allow those with bad credit or bankruptcy in their history to take out a mortgage with high fees and high interest rates.  In many cases, having a co-signer on your mortgage loan can help tremendously.

Should I sell my home before, during or after declaring bankruptcy?

While the declaration of bankruptcy wipes out a homeowner's obligation to the house and mortgage payments, a short sale still has many advantages you should consider:

  • A short sale will reduce the waiting period for a borrower to purchase a new home.
  • A successful short sale may resolve other financial issues such as overdue homeowner's association payments and overdue property taxes, and any liens on your property will be paid off.
  • Once you complete the short sale, you will no longer be responsible for a mortgage payment or any of the other costs associated with the ownership and maintenance of a home.  This alone could potentially help you climb out of the financial hole that you're in enough to not need to declare bankruptcy at all.
  • A short sale will be better for your neighbor's home values, since short sales generally sell at a higher price than a foreclosure or bank-owned property.

Generally, we recommend attempting to short sale any properties that you have BEFORE declaring bankruptcy, or simply exclude any properties that you own from your bankruptcy.

We understand that dealing with bankruptcy and making important financial decisions can be intimidating and confusing, but that's why we're here to help!  Contact us today to discuss any questions that you may have regarding bankruptcy and selling your home or investment property outside of bankruptcy.