Friday, July 13, 2012

Retrieving your Equity from Foreclosure Sale and Filing a Motion for Surplus Money Proceeding

Question: Our home was recently foreclosed on by the mortgage company. There will be a sum of several hundreds of thousands of dollars in equity owed to us after the mortgage company takes the money that is owed to them. We have been contacted by individuals and lawyers stating that we should retain their services in securing our equity from the foreclosure sale. They want a substantial percentage of the proceeds that will be due to us to handle this procedure. The New York City rules seem to indicate that the money owed to us are simply dispersed as a matter of law in a timely manner. I can't understand why we would need such an expensive representation for this as our case is not so complicated. Do I need to file anything along the way and do I need an attorney?

Response: You will likely need an attorney who can bring a motion to the court for the Surplus Money Proceeding. It takes time for the court to hear you on your motion, then decide it, and thus, for the money to be disbursed. You will need to go through the New York City Department of Finance to obtain the funds eventually. Paying a percentage of the recovered amount seems a bit excessive. Look for a professional who would agree to do it based on a fixed retainer fee.

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, July 9, 2012

Homeowners Association's (HOA's) precedence in claims on your property over the bank

Question: We recently got a loan modification on the mortgage on our primary residence with very attractive terms. We have two HOA's and we communicated to them that we would catch up on our dues when the loan modification became permanent. One of the HOA's put us in collection. What will happen if we stop paying anything to the HOA? Will they foreclose and get someone to pay the bank the amount due on the note. What risks do we take if we don't pay one of the HOA's? Can the HOA foreclose and ignore the bank and the money owed to the bank? Who pays the money to the bank?

Response: You are better off not messing with the HOA. HOA can put your home/condo for sale, recover its fees, pay the rest to the bank. Oftentimes, the bank will itself pay the amount due to avoid any type of lien sale and then charge you for it. HOA fees are not even extinguished when you file for bankruptcy. So, they will not be extinguished in foreclosure. If you want to save your property, you should make an arrangement with HOA to catch up on arrears.

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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