Saturday, August 18, 2012

Duration of Lis Pendens Filing

Question: How long is a lis pendens filing valid? Does the lender only have a certain amount of time to actually follow through with foreclosure in New York? If a lender initiates lis pendens, how long do they have to follow through - if the borrower is trying to work something out (i.e. get a loan modification) for example, and let's just say it's over a year since the original papers were filed with the court, can the lender still foreclose or is there an "expiration" to these documents?

Response: Lis pendens is valid for three years and after three years if foreclosure did not take place, the bank, through its attorneys, files for a renewal. In New York, there are mandatory settlement conferences, where you can try to resolve your case (i.e. by attempting loan modification, short sale, reinstatement, payoff, etc). Unless a foreclosure sale date has been scheduled, there is still a good chance you can try to work your case out. In New York, after over a year of foreclosure filing, the case is still in its preliminary stages.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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Monday, August 13, 2012

Funds Owed to the Bank on a Foreclosed "Under Water" Property

Question: Do I owe money to the bank after my home is foreclosed on when I have no equity in the property? I haven't tried anything yet, but I am ready to give up the property. Following a divorce and without spousal support I can no longer afford this home and there is no equity in it.

Response: If foreclosure takes place, the bank might sue you for a deficiency judgment, which is determined based on the sale price minus your debt owed to the bank. Whatever the difference is the amount you will owe to the bank, which the bank must find a way to recover. Short sale or a deed-in-lieu of foreclosure are better options than foreclosure.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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