[CLC-Discussion] Request for comment

[Richard A. Burt]

Everyone,
I have a question.
Background:
Husband and Wife(the client) own as tenants-by-the-entireties their primary residence appraised at $1,000,000 but saddled with 2 mortgages amounting to $1,500,000.  Husband only has declared bankruptcy. Husband will not sign a listing agreement or take any steps to sell the home [Reason:  Until a writ of possession is tacked on the front door, he is living 'rent free' in the home.]  I assume that with $500,000 negative equity, the trustee will abandon the asset (Husband's one-half undivided interest in the home) as the asset has no value.  The Wife (client) wants the house sold through a short sale acceptable to the lenders which would avoid foreclosure and bankruptcy for the wife.
Question:
What, if anything, prevents the Trustee from selling the husband's interest in the home to the wife for a nominal sum ($100 or $1,000) so she can sell the home)?
Thanks.
This request for comment is really not a construction law issue so please, click "Forward" and email your comments direct to me at dick at burt-burt.com<mailto:dick at burt-burt.com>.
Again, thanks.
Dick
Richard A. Burt, Esq.
BURT & BURT
220 So. Ridgewood Avenue
Suite 200
Daytona Beach, Florida 32114
(386) 252-2090 (office)
(866) 240-7043 (facsimile)
dick at burt-burt.com<mailto:dick at burt-burt.com>
www.burt-burt.com<http://www.burt-burt.com/>

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