Legal Blog of Attorney Svetlana Kaplun: 2015

Thursday, November 26, 2015

I Signed the Deed over to my Spouse to Avoid Foreclosure, Lost the Home Ownership and Remained on the Mortgage

Question: My house was going into foreclosure and I signed the deed to the house in lieu of foreclosure over to my wife. My wife has not lived in the house for 8 years. She was told by the court to sell the house, but instead somehow refinanced it for 44 years without telling me about it. She would not take my name off the original mortgage. Do I have the right to sell the house or any other rights? I don’t have the money to fight this anymore, please help!

Response: When you signed the deed over to your wife, you gave ownership of the house to her. It did not change the mortgage obligation you originally had. That’s why a quit claim deed was a must for your wife to modify the loan without your signature. At this point, you have no rights to the ownership of the house and cannot sell the property. The only way she can take your name off the mortgage is by refinancing the loan but since people in foreclosure have poor credit history, no lender will give her a loan and that’s why modification becomes the only option. It is very likely that your wife wanted to remove you from the loan just as badly as you wanted it but that’s not an option. Your wife did nothing wrong and if I were you, I would not invest money into fighting this. As long as the mortgage will be getting paid now, you will not be affected.

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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Deed-in-Lieu of Foreclosure for Seniors Overwhelmed with Home Payments

Question: We are seniors, living on a pension. We had our home on the market for over 3 years and we were unable to sell it. We can no longer keep up with the home payments and we need to go live with our son for health reasons. We were told that we can sign the deed to our home over to our lender. What would happen if we did that?

Response: If you have a clean title, you can do a deed-in lieu of foreclosure where the lender takes the deed to your house and you walk away mortgage-free. The only caveat is the potential tax consequences but if it’s your primary residence, there may be none. You would need to consult with your accountant. This depends on the amount of your mortgage in comparison to the value of your home and whether the lender has to forgive a lot of your mortgage debt. More likely than not, you will not face any tax consequences, especially since you are retired. It is a much better option than letting the bank foreclose on your property.

Sunday, October 18, 2015

I Paid Off My Mortgage in Full, Why Does Foreclosure Show Up on My Credit Report?

Question: Foreclosure proceeding were started on my house back in 2010. During these foreclosure proceedings, I was able to secure the funding to pay off the mortgage in full. This of course stopped the foreclosure proceedings. Can the mortgage company still put the foreclosure on my credit report? I am asking because I noticed it on my credit report recently.

Response: For the months that you did not pay and that you were in foreclosure, the lender reported you as delinquent. Once you become current or the loan is paid off, they have to notify the credit bureau of the updated situation. If they still report you as delinquent, you have to notify the three major credit bureaus of the error so can fix it.

I Purchased a Foreclosed Home Full of Problems, What Can I Do Now?

Question: I recently purchased a foreclosure in New York. The inspection did not note any major issues. Now the home is having issues that I can't afford to deal with, mainly concerning rodents in the attic and the ducts. Altogether I can’t afford to pay for my mortgage and the repairs. What's worse is, I can't cool my home on really hot summer days and I am suspicious that the contaminated ducts are making myself and my child sick. What can I do?

Response: Since you are now the owner of the previously foreclosed property, you can now only sell it to get rid of the property. You can’t reverse the foreclosure sale. You bought the property as is. That’s the disadvantage of buying foreclosures. You don’t truly know what you are getting yourself into.

Sunday, September 20, 2015

The Area I Live in is No Longer Safe, How Can I Walk Away from my Underwater Home?

Question: My house is under water by over $100,000. I don’t have a second home and I have just been discharged from Chapter 13 Bankruptcy. The area I live in is no longer safe. What would happen if I walked away from my home? Could I ever purchase another house?

Response: If you walk away now, the bank will initiate a foreclosure action against you and will take away the property unless you try to fight it. Foreclosure will negatively affect your credit score which in turn dictates when and if you can get another mortgage. Eventually your credit will heal and you will be able to get another loan but it may be quite a while from now. I would definitely recommend avoiding foreclosure and recommend doing a short sale, which will impact your credit a lot less and you will still be able to walk away from the “underwater” property.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and sale.

How Can I Check if my Home was Sold at Foreclosure Auction and What Can I Do to Keep It?

Question: I own a home in the state of New York. The bank had a foreclosure auction at the court house and no one purchased the home. I expected to get a notice on my door to move out, but it has been 5 months since the foreclosure auction and nothing happened. I was told me to go to the county clerk’s office and see if the bank filed a new deed. I checked yesterday and the bank has yet to record a new deed and take ownership of the house. Something might be wrong. I would like to keep the house if possible. What can I do?

Response: It sounds like the foreclosure auction did not take place. You can check via e-courts, an electronic New York State court database, the notation next to the scheduled foreclosure auction date. If it says ANH (Auction Not Held), you will know for sure. If it says auction held, you can check with the Plaintiff’s attorney. If it’s been 5 months, it’s more likely than not that foreclosure auction did not occur. Once the foreclosure sale takes place, you become a holdover tenant and the owner must file an eviction proceeding, same as in Landlord tenant cases. Most of the time, it is the lender that owns your loan that purchases the property. In the meantime, if foreclosure did not take place, you can: (1) apply for a loan modification, which usually leads servicers to stop the sale at their own initiative to conduct a review; (2) file an Order to Show Cause to stop the foreclosure sale; (3) file bankruptcy, which will immediately stop the foreclosure sale even if it’s the day of the foreclosure 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.

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Monday, August 24, 2015

Is the Bank Attempting to Claim an Interest in my Property by Paying Water and Property Insurance Bills After a Failed Foreclosure?

Question: A New York State Supreme Court Judge removed the notice of pendency, determined that the bank does not to have standing in the foreclosure matter and dismissed the bank’s foreclosure efforts after I submitted my motion to dismiss. However, after the judge made her ruling the bank began to pay the DEP/ NYC Water Board and New York Property Insurance bills eight years after the purchase of the house. (All of the papers are in my name, as well as, payment agreements and contracts state that I have not missed any payments or breached the agreements.) It appears that the bank is attempting to claim an interest in my property, even after the judge has determined they are not the Rightful Holder in Due Course of my Promissory Note. What is the best course of action to take in order to regain control of my property’s bills and interest?

Response: Your problem should be analyzed in several steps. First, by winning a Motion to Dismiss, your foreclosure case got thrown out, most likely without prejudice, which means, the bank can start the foreclosure process again. In New York, the bank has 6 years from the date of default to pursue its rights in foreclosure. The bank can also appeal the Supreme Court Judge’s decision. Most of the time, banks try to fix their problems with assignment of mortgage and restart the case. Assuming you got the case dismissed with prejudice and the bank can’t restart its foreclosure action, the bank can still sue you on the money you borrowed under the note as unsecure debt, where the bank can’t foreclose but can likely get a judgment against you and record it as a lien against your property. Taxes and insurance are often escrowed when you have a mortgage but the New York City water bill is not part of your escrow. What happens is that when you stop paying your New York City water bill, you owe money to the government and government always trumps bank’s interest in terms of foreclosing on the property. When New York City forecloses on the water bill, it is known as the tax lien sale. Banks, in order to preserve their position in the property, will pay the water bill to ensure that the New York City Water Board does not foreclose and cut the bank off. You can pay your water bill yourself to avoid a tax lien sale and thus avoid the bank having to pay it. That amount then becomes part of your escrow shortage and is split over your monthly payment. It doesn’t affect the court’s ruling regarding dismissal.

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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Are We Still Responsible for HOA Dues and Insurance When our Home Goes to Foreclosure?

Question: We moved out 5 years ago when the home was discharged in Chapter 7 Bankruptcy. There were no bids at foreclosure so the bank bought it back for $100. We still pay Homeowner Association (HOA) dues and insurance on the property in case someone wanders onto the land, gets hurt and wants to sue us. My question is are we still on the deed and therefore still responsible for HOA dues and insurance? Even though the Chapter 7 Bankruptcy was discharged 5 years ago, the bank just put the home up for foreclosure three months ago. We were still on the deed so we were responsible for the dues and keeping up insurance. The bank paid for taxes. Now that the home went to foreclosure and the bank did not get any bids except their own $100, are we still responsible for dues and insurance?

Response: No, once the property is sold at foreclosure auction, the bank gets a referee’s deed so you are no longer on the deed and are not responsible for paying maintenance or HOA.

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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Sunday, August 2, 2015

Deciding between a Short Sale or Foreclosure on my Home

Question: I am trying to decide between a short sale or foreclosure on my home. On average how long will my house stay vacant during the foreclosure process? I am leaning toward a quick short sale only because I don’t want to board up my house.

Response: Regardless of the duration of foreclosure, you should always try to do a short sale rather than allow the property to get auctioned off, which negatively affects your credit and keeps you on the hook for the deficiency. Foreclosure in New York, especially if contested, can take several years. Short sale can also be a lengthy process but besides potentially going away with monetary incentives, short sales in general are much better than the actual foreclosure sale.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and 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.

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How to Reinstate a Delinquent Mortgage on a Foreclosed Property?

Question: I got a foreclosure notice with a specific reinstatement amount. The bank sent me an invoice and I paid that along with my enclosed letter stating that at this point I paid a full payment that the bank requested. I called the bank to verify that they received the funds and they said they did and would credit my account. They then called me back and said I'm still in foreclosure and I owe more money. What are my options?

Response: Once your case is referred to foreclosure, in order to reinstate the loan, you must get an official reinstatement letter from the bank’s attorneys that would also reflect attorney’s fees and costs. If you only paid the amount on the bill, that amount may not be sufficient to fully reinstate the loan as there may be some additional fees and costs that were not fully reflected on the statement. Request an official reinstatement letter. See how much you owe. If it’s a small amount, then you can probably pay it and get out of foreclosure. If the bank is still requesting a similar or higher amount to what you already paid, they probably bounced the check that you sent because technically you can’t just pay what you owe without going through the official reinstatement process that is described on the reinstatement letter, usually requesting you to wire the money. I think you are close to rectifying your situation and should be getting out of foreclosure shortly.

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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Sunday, July 5, 2015

What Can Go Wrong if I Sign a Loan Modification Agreement without a Proper Review?

Question: I purchased my home in 2007. I lost my job in 2009 and did loan modification on my home. The loan modification got finalized with my bank in June 2013. They could never get the docs right and I had to sign twice. My credit history was damaged because it looked like I didn't make any payments for all these years. Now they are sending over a representative to have me re-sign these documents years later due to their mistake. I have not signed as of yet as I have a lot things going on, but they are threatening to foreclose on my home. I made all my payments and I am not behind. Should I hire a lawyer? I feel like I am being harassed.

Response: Have you seen the new loan modification agreement? What kind of mistake? When you signed the original loan modification, there may have been a part to the loan modification agreement regarding errors and omissions and if you signed that, then you agreed to future changes. You may need to get an attorney to see if the claimed mistake is harmful or beneficial to you. Unfortunately, as far as your credit is concerned, before the loan is current via permanent loan modification, you are considered to be in delinquent, hence, the negative credit reporting.

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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How Can I Catch Up on My Delinquent Mortgage?

Question: I am several months behind on my mortgage. Can a bank foreclose on me if I make one complete mortgage payment a month and try to catch up little by little? Also, what if I can pay the principle and interest but not the taxes and insurance that are lumped into my loan payment?

Response: Generally, after you missed a full payment, the bank can send you Notice of Intent to Accelerate the loan or 90-Day Demand letter with the date by which the payment is due. The bank cannot commence its foreclosure action for at least 90 days following such letter. Most banks will not send it right away, so foreclosure will not typically begin for longer than 90 days. If you enter into an official repayment plan with your bank, then they will not commence foreclosure but if it’s just your plan to gradually pay the servicer bank, the servicer may still refer you to foreclosure. I would definitely recommend contacting your bank because there are numerous options that could be explored that could help you avoid foreclosure (loan modification, repayment plan, forbearance plan, etc.). As for the 2nd question, your taxes and insurance are part of your monthly mortgage payment so by not paying your escrow, your payment is less than full and may be placed in a suspense account; then, once there is enough money in suspense, then it is applied towards the missed payment but late fees and penalties will continue to accrue on the loan. If there is just an escrow shortage (as opposed to intentionally not paying escrow), then the servicer can divide the payment over a number of months, usually 12 to become current.

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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Thursday, June 4, 2015

Repercussions of Walking Away from Underwater Home

Question: What are the repercussions if I walk away from my home for which I owe more than the home is worth?

Response: The main repercussion, other than ruined credit score, is that the bank go after you for the deficiency judgment, the difference between what you owe and what the bank gets at the auction during the foreclosure sale. Many banks don’t file deficiency judgments but you should at least be aware that there is a likelihood of that happening, especially depending on where you live. I would definitely recommend the least harmful options, which include a short sale or a deed in lieu of foreclosure in order to avoid foreclosure.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and 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.

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