Tuesday, April 28, 2015

Stopping Foreclosure without Full Delinquent Amount

Question: My property has been referred for foreclosure. Is there anything I can do to stop the foreclosure if don't have the full delinquent amount?

Response: Yes, you can try to apply for a loan modification, which would allow you to possibly lower the monthly payments without having to reinstate the arrears (typically arrears get added to the unpaid principal balance and that becomes the new principal balance). Modifying the loan is the most effective way of saving the property without having to reinstate it. Other alternatives require losing the property either via short sale or deeding the property to the bank.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and sale.

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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Filing Bankruptcy to Delay Foreclosure Auction

Question: My home will be going to foreclosure auction in a week or so. In my paperwork it states that lis pendens was filed. Can I file bankruptcy now? If I can, will it help slow down the foreclosure auction process?

Response: Yes, you can still file bankruptcy. Lis pendens is notice to the world that a party has an interest in the property, i.e. the bank is trying to foreclose. Lis pendens does not affect the filing of bankruptcy and by doing so, you will have 30 days of stay where the bank cannot foreclose and possibly longer if there will then be a subsequent delay by the bank to restore the auction.

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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