Tuesday, April 2, 2013

Can the Bank Put a Lien on my Primary Residence for a Deficiency Judgment on my Foreclosed Investment Property?

Question: I currently have an investment property that has been in a short sale for several years and I am unable to sell it. When I took out the mortgage for that property, the home was appraised to about double of the mortgage amount I was requesting. I had several offers, but my bank keeps changing the price of the home after the bid was received. After Hurricane Sandy, this home ended up in foreclosure. My question is can the bank put a lien on my primary residence due to the foreclosure process that is going on with my investment home?

Response: Foreclosures take a while. In order to put a lien on your primary residence, the bank first has to foreclose on your investment property and then sue you for a deficiency judgment and only then, if they prevail, they have to find a way to get the money owed to them and can put a lien on your other home. This is such a lengthy process that it may take years. Also, you can fight foreclosure and try to mitigate your damages in advance. If you can't do a short sale, you may be able to do a deed-in-lieu of foreclosure or cash for keys. Contact the bank and see what they would be willing to do if you are willing to give up the property. You can also request a settlement conference with the court where you can try to reach a settlement with the lender (usually bank's attorney appears for those conferences).

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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Who Has the Primary Claim on my Foreclosed Home: the Bank or HOA?

Question: Do we qualify for the state or federal foreclosure settlement? We filed for bankruptcy a couple of years ago as the loan modification of our mortgage was taking too long. Subsequently, we had a mediation to try and remedy our situation, but the mortgage company traded or sold our account to another lender. We showed up and were not even notified. While we were trying to mediate our case, our HOA had our home up for foreclosure sale within a month.

Response: If HOA is suing you, their position is subordinate to that of the mortgage company and they have to wait for the bank to foreclose upon your apartment/house in order to get the money owed to them. If the money received by the mortgage holder is less than what is owed under the mortgage, HOA may not be getting anything at all. HOA usually likes to expedite foreclosures because they want the apartment with unpaid fees gone and to get a new owner who will pay the fees. But as far as a foreclosure conference with them, it is not mandatory but they will often appear for settlement conferences you will have with the lender.

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.

modification, making home affordable, hamp, mortgage modification, harp refinance, making homes affordable, modifications, home affordable modification program, home affordable refinance program, hamp program, home loan modification, loan modification guidelines, foreclosures, foreclosure listings, foreclosure homes, mers, foreclosure settlement, foreclosure homes for sale, free foreclosure listings, foreclosure home, deed in lieu of foreclosure, foreclosure process, how foreclosure works, home foreclosure, foreclosure radar, bank foreclosure, home foreclosures, foreclosure listing, hud foreclosure, foreclosure laws, short sale vs foreclosure, stop foreclosure, totally free foreclosure home listings, foreclosure help, free government home foreclosure listing, free listing foreclosure home sale, free foreclosure listings with pictures, fannie mae foreclosure, independent foreclosure review, lawyers, power of attorney, personal injury attorney, attorneys, power of attorney form, durable power of attorney, power of attorney forms, criminal attorney, attorney search, medical power of attorney, free power of attorney, bankruptcy attorney, power of attorney template, power of attorney form download, durable power of attorney form, free power of attorney forms, general power of attorney, free printable power attorney form, lasting power of attorney, tax attorney, free power attorney forms, divorce attorney, ace attorney, disability attorney, attorney jobs, enduring power of attorney, attorney at law, patent attorney, free power of attorney forms to print, real estate attorney, injury lawyer, personal injury lawyer, defense lawyer, criminal defense lawyer, the lawyer, accident lawyer, a lawyer, criminal lawyer, motorcycle accident lawyer, rocket lawyer, bankruptcy lawyer, divorce lawyer, ask a lawyer, find a lawyer, lawyer referral, car accident lawyer, family lawyer, lawyer search, lawyer find, lawyer ratings, lawyer referral service, immigration lawyer, dui lawyer