Question: I have a home equity
balloon loan that was due to be paid back in full in
third quarter of last year, but most unfortunately I
couldn't repay it. The loan is in the amount of a couple
of hundred thousands of dollars, but has since incurred
a penalty of around ten thousand, making the total due
slightly higher. I have been making monthly interest
only payments since then. They just transferred my loan
to specialized loan servicing LLC as of early this year.
My home has a substantial amount of equity in it and has
been up for sale since late last year. I owe nothing
else on it. How long does the
foreclosure process take and do I have any legal
rights where my home is concerned?
Response: In New York,
foreclosure process takes no less than one year and
in many cases, it can take three to five years. Even
though it’s a lengthy process, I certainly do not advise
just sitting around and waiting for
foreclosure to happen. If you have good credit
history, you can try refinancing the balloon by
obtaining another loan. When you would sell you
property, you will pay off the mortgage. You can contact
SLS, your mortgage servicer, and inquire whether there
is a possibility of
modifying the balloon by giving you same terms as
you would get in
modifying your mortgage. In the meantime, you can
try lowering your asking price to attract more buyers if
your true intention is to sell the property. Best of
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 © 2016 Law Office of Svetlana Kaplun, P.C.
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