Tuesday, May 5, 2015

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.

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