Sunday, June 26, 2016

Is Bankruptcy an Option for Tax Consequences from a Short Sale?

Question: My bank approved a short sale of my house. The difference between the sale price and the balance on my mortgage is $20,000. Will I owe income taxes on the difference? If I file for bankruptcy, will it make any difference?

Response: If you file a bankruptcy, your personal liability on the loan is discharged. However, if the property was your primary residence, there are laws in place to help avoid tax consequences. First, speak to your accountant and see if you need to consider a bankruptcy.  Tax liability on $20,000 might be minimal, or it could be completely avoided. Bankruptcy should be your last resort and it may be easily avoided.
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 © 2016 Law Office of Svetlana Kaplun, P.C.

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Mortgage Company that Bought my Loan is Threatening Foreclosure, although my Payments were Up-to-Date with Previous Company

Question: I have a mortgage with a loan service company, which back in 2012 purchased my loan from another mortgage company. The original mortgage company received two loan payments from me, cashed my checks electronically, however they were not applied to my loan. The new loan service company is claiming I am two months behind. Since the original mortgage company cashed my checks electronically neither I nor my bank have cancelled check copies to prove payment. I am unable to get any statements from the original mortgage company, and the loan service company refuses to accept copies of my bank statement which shows payments were made. I also included carbon copies of my checks that were sent. The loan service company is threatening foreclosure even though the payments were made.

Response: Try filing a complaint with your state’s financial agency and in your complaint, explain what transpired and then include copies of your bank statements with circled withdrawals as your exhibits. This way the file gets escalated and someone at the loan service company will be required to pay attention to what you are saying.
 
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 © 2016 Law Office of Svetlana Kaplun, P.C.

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Friday, March 25, 2016

Is It Possible To Get the Home Back After It Was Sold In a Foreclosure Auction?

Question: My home was foreclosed on and the bank sold it at a foreclosure auction. Would it be possible for me to get my home back if we paid the bank the missed payments?

Response: Once the house was already sold, it is very difficult to reverse the foreclosure sale. If the bank is the one that purchased the property, you may be able to buy the property from the bank. It is, however, very unlikely that the bank will be willing to accept funds from you now to reinstate the loan. That option only works before the foreclosure sale takes place. Unless you can somehow bring an Order to Show Cause with the court to show that the case was somehow defective where the judge will reverse the foreclosure sale, unfortunately, you have no other recourse.
 
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 © 2016 Law Office of Svetlana Kaplun, P.C.

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I Was Never Served Foreclosure Sale Notice, Can I Stop the Foreclosure Sale?

Question: My property is being put up for foreclosure auction in the next month and I was never served official paper by an agent of the law. What recourse do I have in stopping this action?

Response: I am not sure what you mean by agent of the law. You have to be mailed the Notice of Sale and the attorneys for the Plaintiff must file the Affidavit of Service with the court (within 10 days of the sale). If that wasn’t done, you can bring an Order to Show Cause to show the judge that service of the Notice of Sale or any other foreclosure-related motions were defective and that the foreclosure sale should be cancelled. The Judge is likely to stop the foreclosure sale but then the bank will re-serve the papers properly and the foreclosure sale will take place a few months later.
 
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 © 2016 Law Office of Svetlana Kaplun, P.C.

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Friday, January 15, 2016

Doing a Short Sale on a Property that Has an Order to be Foreclosed On

Question: If a property has an order to be foreclosed on, can the owner still do a short sale?

Response: Essentially, the answer is yes but only if the bank agrees to put foreclosure on hold and the only way they will likely do that is if you send a contract of sale and a listing agreement. Once the bank receives it and starts reviewing it, they will then ask for additional documents but in the meantime, that is a way to stop the foreclosure sale.

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 © 2016 Law Office of Svetlana Kaplun, P.C.

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Options Other than Bankruptcy for Someone Who Can’t Afford their Property and Doesn’t Want to Keep It

Question: I want to know what the options are for someone who is considering filing for bankruptcy.  I can’t afford the  condo special assessments or the association fees. I am considering bankruptcy and concede that I will probably lose the condo. I understand that if I don’t pay the assessments or the fees I could be evicted. Would that be better or worse for me?  I really want to know what options I have to turn this situation around. Is bankruptcy my only option? I have two loans on the condo. Any other options for someone who can’t afford their place and doesn’t really want to keep it?

Response: You can try to sell the property. Even if it’s a short sale, it is better than foreclosure or bankruptcy.  In my opinion, bankruptcy should always be the last resort. If for example, foreclosure takes place and the bank is suing the person for deficiency, then bankruptcy is the way to go to get rid of the debt. HOA can’t evict an owner of the apartment (this is not a rental); they have to bring a foreclosure action, which can be quite lengthy in New York.
 
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 © 2016 Law Office of Svetlana Kaplun, P.C.

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