Tuesday, January 27, 2015

Best Option for Recent Mortgage Defaulter

Question: I can't afford to keep my home anymore and I recently stopped paying my mortgage. My bank keeps calling me daily because I defaulted and I haven't returned their calls. Would deed in lieu of foreclosure be the best option in my case?

Response: The collection department from the bank will be harassing you for your payment. You have several choices: a) apply for a loan modification to determine if you could lower your payment, b) do a short sale or c) a deed-in-lieu of foreclosure. If the property has equity, then it’s better to just do a regular sale of the property. If the property has no equity and is “under water”, then it’s best to do a short sale or a deed in lieu but many prefer you list the property for sale first and will only consider a deed in lieu if the attempt at selling it did not work. You can also write a letter asking them to stop calling and/or writing to you under federal debt collection laws. This way, until the bank commences its foreclosure action, which in New York, may happen up to 6 years from the time of default, you can at least consider your options without constant harassment from the bank.

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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