Saturday, March 28, 2015

Qualifying for Early Credit Line after Foreclosure

Question: I had a foreclosure completed in 2010. Since then I was told I need to wait seven years before I can get any type of home loan, equity loan or line of credit against another house I own, which has plenty of equity. It seems like after five full years I should have some options to borrow against my home or do I have to wait another 2 years?

Response: That would really depend on the status of your credit score and the amount of money you would be trying to borrow, among other factors. Mortgage brokers are best in answering these questions since they deal with the lenders directly. However, it is more likely than not that you would have to wait because you are still considered a risk to most lenders and they would be concerned to lend you money in anticipation of your possible default.

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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Modifying Balloon Loans in Advance of Foreclosure Process

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.

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