Friday, January 15, 2016

Options Other than Bankruptcy for Someone Who Can’t Afford their Property and Doesn’t Want to Keep It

Question: I want to know what the options are for someone who is considering filing for bankruptcy.  I can’t afford the  condo special assessments or the association fees. I am considering bankruptcy and concede that I will probably lose the condo. I understand that if I don’t pay the assessments or the fees I could be evicted. Would that be better or worse for me?  I really want to know what options I have to turn this situation around. Is bankruptcy my only option? I have two loans on the condo. Any other options for someone who can’t afford their place and doesn’t really want to keep it?

Response: You can try to sell the property. Even if it’s a short sale, it is better than foreclosure or bankruptcy.  In my opinion, bankruptcy should always be the last resort. If for example, foreclosure takes place and the bank is suing the person for deficiency, then bankruptcy is the way to go to get rid of the debt. HOA can’t evict an owner of the apartment (this is not a rental); they have to bring a foreclosure action, which can be quite lengthy in New York.
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 © 2016 Law Office of Svetlana Kaplun, P.C.

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