Is my Investment in Property Secure after Homeowner on the Note Goes thru Bankruptcy and Foreclosure?

Question: I am on the deed (but not the mortgage) of my son's house. The son is planning bankruptcy and foreclosure without consideration of doing a short sale of the property. I have informed him that the short sale is less damaging in the long run, but he is not listening. I was trying to help him by giving money to buy the house and put my name on the deed to insure I protected my investment, but I fear now with the bankruptcy and foreclosure or the short sale I will be jointly liable for the issues. What are our problems now with the upcoming bankruptcy and foreclosure?

Response: The only party responsible for payment after foreclosure is the party on the note, so if it’s your son, he would be the only one liable. If he will file for bankruptcy, then his personal obligation under the note will be discharged and he will no longer be responsible for the deficiency. Maybe he is doing a deed in lieu of foreclosure since foreclosure itself happens at the bank’s initiative, not the borrower’s. Of course you will lose your initial investment in the house if there is a foreclosure but do not worry about paying the bank back.
 
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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HOA would Rather Foreclose than Accept my Past Dues

Question: I am being foreclosed on by the HOA for past dues. I tried to pay the dues, but the HOA will not accept my payment. Is this allowed? The foreclosure process is started and I am doing everything I can to make the payment and get caught up. Also, there are thousands of dollars in attorney fees that are being billed to me as well. If I get caught up on the HOA fees can they still foreclose based on the additional attorney fees?

Response: Foreclosure by HOA is tricky because HOA is typically more aggressive than the bank in their effort to foreclose. They prefer to get rid of an unpaying member as quickly as possible so they could get a paying member in. If you can’t reach some sort of a payment plan with HOA, it is likely that the Judge assigned to your case would try to let you work this out rather than allow foreclosure. Otherwise, you would have to pay in full, including attorneys’ fees and costs.

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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