Saturday, November 9, 2013

Subordinate Defendant on Foreclosure Summons due to a Defective Quit Claim Deed

Question: I have been listed as a defendant in a summons for a mortgage foreclosure. The mortgage isn't in my name. It says that I am "subordinate, junior and inferior to the lien of plaintiff's mortgage, including, but not limited to, possible interest due to defective corrective quit claim deed." What does all this mean?

Response: What that means is that you are put on notice that foreclosure action has been commenced against the borrower who defaulted on his/hers mortgage. Since you have an interest in the property, by adding you as a defendant to the action, the bank is essentially trying to cut off your interest in the property in case foreclosure sale takes place. You cannot be sued for a deficiency since you are not the borrower.

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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Unexpected Costs to Reinstate a Mortgage in Foreclosure

Question: I am currently in foreclosure. I came up with the money the bank first demanded but now they are saying that the offer expired and they want 20% more. What are my options at this point?

Response: The longer you are in foreclosure, the more interest and late fees accumulate, as well as attorney costs and therefore the amount you owe to the bank to reinstate the loan grows along with it. When you get a reinstatement letter, it is only good through a specific date. After that date, arrears are calculated again and the amount grows. If you feel that the amount should be less than the amount sought and feel some additional fees are unfairly added, make a demand for an itemized breakdown of all the fees so you can discuss them with the bank or their attorneys. Sometimes (but not always) they make mistakes!

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.

modification, making home affordable, hamp, mortgage modification, harp refinance, making homes affordable, modifications, home affordable modification program, home affordable refinance program, hamp program, home loan modification, loan modification guidelines, foreclosures, foreclosure listings, foreclosure homes, mers, foreclosure settlement, foreclosure homes for sale, free foreclosure listings, foreclosure home, deed in lieu of foreclosure, foreclosure process, how foreclosure works, home foreclosure, foreclosure radar, bank foreclosure, home foreclosures, foreclosure listing, hud foreclosure, foreclosure laws, short sale vs foreclosure, stop foreclosure, totally free foreclosure home listings, foreclosure help, free government home foreclosure listing, free listing foreclosure home sale, free foreclosure listings with pictures, fannie mae foreclosure, independent foreclosure review, lawyers, power of attorney, personal injury attorney, attorneys, power of attorney form, durable power of attorney, power of attorney forms, criminal attorney, attorney search, medical power of attorney, free power of attorney, bankruptcy attorney, power of attorney template, power of attorney form download, durable power of attorney form, free power of attorney forms, general power of attorney, free printable power attorney form, lasting power of attorney, tax attorney, free power attorney forms, divorce attorney, ace attorney, disability attorney, attorney jobs, enduring power of attorney, attorney at law, patent attorney, free power of attorney forms to print, real estate attorney, injury lawyer, personal injury lawyer, defense lawyer, criminal defense lawyer, the lawyer, accident lawyer, a lawyer, criminal lawyer, motorcycle accident lawyer, rocket lawyer, bankruptcy lawyer, divorce lawyer, ask a lawyer, find a lawyer, lawyer referral, car accident lawyer, family lawyer, lawyer search, lawyer find, lawyer ratings, lawyer referral service, immigration lawyer, dui lawyer