Choosing between Cash-for-Keys Offer and Foreclosure with Eviction

Question: My home was sold in a foreclosure sale and I received an eviction summons. I also received a cash-for-keys offer. If I accept the cash-for-keys agreement, does it make sense for me to answer the summons? I was told that as long as I keep the cash-for-keys agreement, the case will be dismissed, but I might lose some rights. In addition, if I answer the summons then a hearing will be set and it will be on the record.

Response: Once the property is auctioned off, the purchaser of the property (usually the servicer itself) will become the new landlord and you will become a holdover tenant that is residing at the premised property after the expiration of the “so called” lease. In order to get you evicted, the landlord must follow the same protocol as you would follow in getting rid of a non-paying tenant, thus, commencing a landlord/tenant action against you. You can answer the summons. You can appear in court and you may acquire a few additional months living at the premises. However, it may be your best bet to surrender the keys to the property to the bank in exchange for cash. You can even try to negotiate the amount and the date of your departure.

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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Is It Possible To Reverse Foreclosure Sale?

Question: I spoke to my bank informing them that I was in the process of getting money from my pension plan to pay arrears and avoid the foreclosure sale of my home. I was told to keep them posted as to when I would have the funds available, meanwhile the foreclosure sale was postponed (that was a couple of weeks ago). I called my bank today to give them an update and I was told my home was auctioned off last week. What can I do? Do I have any legal claims against the bank?

Response: Unfortunately, once the property had been auctioned off, it is very difficult to reverse the process. You would definitely need an attorney to bring an Order to Show Cause to Vacate Judgment of Foreclosure and Sale with only a slim chance of being successful. It is possible that the bank marked the foreclosure sale postponed in their system by a couple of weeks but the attorneys for the bank might not have been notified or went ahead with the foreclosure sale anyway. You can contact the attorneys and see if they will allow you to reinstate the loan at this point, which may depend if the property was purchased by the bank itself or a 3rd party. Sadly, you are in a tough situation here.

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.

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