Repercussions of Walking Away from Underwater Home

Question: What are the repercussions if I walk away from my home for which I owe more than the home is worth?

Response: The main repercussion, other than ruined credit score, is that the bank go after you for the deficiency judgment, the difference between what you owe and what the bank gets at the auction during the foreclosure sale. Many banks don’t file deficiency judgments but you should at least be aware that there is a likelihood of that happening, especially depending on where you live. I would definitely recommend the least harmful options, which include a short sale or a deed in lieu of foreclosure in order to avoid foreclosure.

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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Recourse for Homeowners Who Faced Foreclosure Due to Delinquency of Ex-Spouses

Question: My ex-wife and I divorced in 2010. There was no property settlement. We own a house together but only my name is on the bank note, but both our names are on the deed. I moved out and she remained at the property. Mortgage was not being paid. The house was put up for a short sale and there is an offer, but title cannot be transferred because my ex-wife has debt and the debtors have attached liens to the property. She says she is broke and cannot satisfy those judgments and is planning to vacate the property. Do I have any recourse?

Response: If your ex-wife files bankruptcy, she may be able to get rid of the judgments against her that way. Otherwise, unless you find a buyer who is willing to pay off the liens or get permission from subordinate lienholders to sell the property for less than is owed, you may have some recourse. Otherwise, the bank may end up foreclosing on the property and you may need to do bankruptcy in case the bank later on chooses to go after you for deficiency judgment.

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.

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