Sunday, September 20, 2015

The Area I Live in is No Longer Safe, How Can I Walk Away from my Underwater Home?

Question: My house is under water by over $100,000. I don’t have a second home and I have just been discharged from Chapter 13 Bankruptcy. The area I live in is no longer safe. What would happen if I walked away from my home? Could I ever purchase another house?

Response: If you walk away now, the bank will initiate a foreclosure action against you and will take away the property unless you try to fight it. Foreclosure will negatively affect your credit score which in turn dictates when and if you can get another mortgage. Eventually your credit will heal and you will be able to get another loan but it may be quite a while from now. I would definitely recommend avoiding foreclosure and recommend doing a short sale, which will impact your credit a lot less and you will still be able to walk away from the “underwater” property.
 
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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How Can I Check if my Home was Sold at Foreclosure Auction and What Can I Do to Keep It?

Question: I own a home in the state of New York. The bank had a foreclosure auction at the court house and no one purchased the home. I expected to get a notice on my door to move out, but it has been 5 months since the foreclosure auction and nothing happened. I was told me to go to the county clerk’s office and see if the bank filed a new deed. I checked yesterday and the bank has yet to record a new deed and take ownership of the house. Something might be wrong. I would like to keep the house if possible. What can I do?

Response: It sounds like the foreclosure auction did not take place. You can check via e-courts, an electronic New York State court database, the notation next to the scheduled foreclosure auction date. If it says ANH (Auction Not Held), you will know for sure. If it says auction held, you can check with the Plaintiff’s attorney. If it’s been 5 months, it’s more likely than not that foreclosure auction did not occur. Once the foreclosure sale takes place, you become a holdover tenant and the owner must file an eviction proceeding, same as in Landlord tenant cases. Most of the time, it is the lender that owns your loan that purchases the property. In the meantime, if foreclosure did not take place, you can: (1) apply for a loan modification, which usually leads servicers to stop the sale at their own initiative to conduct a review; (2) file an Order to Show Cause to stop the foreclosure sale; (3) file bankruptcy, which will immediately stop the foreclosure sale even if it’s the day of the foreclosure 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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