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.
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