Question: I'm in foreclosure on my property. The auction date is set for next week. If there is a deficiency in the sale price, will I be liable for the deficiency? Should I file bankruptcy prior to the foreclosure? I've spoken to some mortgage brokers, but I'm getting mixed feedback.
Response: Yes, the bank can go after you for the deficiency. Generally, though, in order to be able to enforce the deficiency judgment, you must have some other valuable assets, like another property or sufficient sum of money in the bank account. It is generally more advisable to do a short sale or a deed-in-lieu of foreclosure. Then, if the property is your primary residence, you don't have to pay taxes on the debt that was cancelled. Bankruptcy is always an option as an emergency backup to stop the foreclosure sale. Once you file for Bankruptcy, there is a 30-day stay of foreclosure proceedings. Within that time, if you can't work out the way to keep your home, then the bank can move for a motion for relief from stay, thus, allowing it to proceed with the foreclosure, and hence, the foreclosure sale, once again.
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.
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