Question: My home is underwater by
about $100,000. I filed
Chapter 13
Bankruptcy six years ago and my bank gave me a
reduced rate for those six years. Now that the six years
are over, my monthly mortgage payment doubled, which is
impossible for me to afford. Will a bank typically
foreclose on a property that’s underwater as much as
mine? What options are available to me? I would like to
stay in my home, I just can’t afford my new monthly
mortgage payments.
Response: Yes, the bank will
absolutely try to
foreclose on your property even if there is no
equity. If you do nothing (i.e, if you are not paying
the mortgage), it is the bank’s right to bring a
foreclosure suit against you. You can apply for a
loan
modification, which may reduce your payments again.
That might be your only option if you want to stay in
your home. Oftentimes, while the bank is considering you
for a
loan modification, they may not be initiating the
foreclosure process to determine if the case can be
resolved without it. However, this is not a guarantee
and many banks may begin
foreclosure even if you are in review. If
loan
modification is not an option, you would have to
consider doing a
short sale
or a
deed in lieu of
foreclosure. It is better to explore a
short sale
or a
deed in lieu of
foreclosure than to allow the bank to
foreclose, as the bank may then initiate a
deficiency judgment to go after you for the difference
in the amount owed and received at the
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 © 2016 Law Office of Svetlana Kaplun, P.C.
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Law Office of Svetlana Kaplun, P.C. provides high-quality legal counsel to people, with a unique focus on clients in need of financial relief. Our specialization areas comprise of foreclosure defense and litigation, including varying forms of loss mitigation, such as loan modification and debt negotiation, as well as bankruptcy.
Call our firm today at 718-444-1115 or visit us on the web at www.loanmodny.com!
Thursday, March 5, 2015
Unaffordable Mortgage following Expiration of Reduced Payments from Chapter 13 Bankruptcy
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Svetlana Kaplun
Location:
Brooklyn, NY, USA
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