Assignment of Mortgage Procedural Defects in Foreclosure Cases

Question: Sometime last year, a bank, which doesn't own my mortgage and is not servicing my mortgage, filed for foreclosure on my property. A week after, that bank withdrew the foreclosure and nothing has been done since. Yesterday, I was notified that a clerical error was entered on my property description by a company that I believe was hired by that bank. No one ever contacted me about this nor showed me how these changes affect me. I believe that the deed has been separated from the note by this bank that I never dealt with.

Response: Generally, when banks start a foreclosure action and immediately thereafter voluntarily discontinue it, there is a procedural problem that they realize may prevent them from foreclosing on your property. For example, if your loan is owned by the first bank and it was recently sold to the second bank and they have started a foreclosure action in the name of the second bank but the assignment of mortgage (document that transfers ownership of the note and mortgage) is in the name of the first bank, then there is a procedural defect in the case and the Plaintiff would have no standing to sue you because at the time of commencement of the action, the loan was still owned by the first bank. This is just an example. I am not sure exactly what happened that led to discontinuance of the case. Contact an attorney who is experienced in these matters to discuss how your legal position may be affected and what defenses you now have to a new foreclosure action.  Good luck!

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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Foreclosure and Deficiency Judgment Resulting from Failure to Keep Up with Chapter 13 Bankruptcy Payments

Question: We had been in Chapter 13 Bankruptcy for a couple of years. Due to my disability, we were not able to keep up with the Chapter 13 Bankruptcy payments and were discharged from it. We are now trying to deal directly with our mortgage company to save our home from foreclosure. If we cannot come up with a deal and our home goes to a foreclosure action sale for less than what we owe, will the mortgage company come after us for the difference?

Response: Different banks have different policies on pursuing deficiency judgments. Lawfully, they have the right to go after you for the difference, i.e., deficiency. Many banks today, however, waive their right to sue borrowers for deficiency because they know many people have no assets to go after and it is not economically feasible for the bank to do so. If you feel that you may near foreclosure sale, discuss the short sale or deed-in-lieu options with the bank to avoid financial ramifications that could result from foreclosure action 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 © 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