Question: My son and his wife were in financial trouble several years ago and, in order to help them out, they deeded the home to my wife. She obtained two mortgages on the home which they took care of until their divorce. My son currently lives in the home with his child and is making most of the mortgage payments but he will be moving soon. My wife passed recently and the property went to me through her estate. The mortgage, however, needs to be refinanced since I did not enter in. The house is underwater by tens of thousands of dollars and I can't afford to make the payments and need to get rid of it. What would happen if I let the house go back to the bank? Would it affect my credit since I am not on the mortgage?
Response: No, it wouldn't affect your credit. If you know you can't afford to keep the property, it is the wisest solution to contact the bank and negotiate surrendering the property to them. The bank will usually consider a deed-in-lieu of foreclosure if you can't find a buyer for a short sale and if the property is vacant. Regardless, you have options. You just have to explore them to avoid the lengthy and stressful foreclosure process.
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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Wednesday, April 17, 2013
Tuesday, April 2, 2013
Can the Bank Put a Lien on my Primary Residence for a Deficiency Judgment on my Foreclosed Investment Property?
Question: I currently have an investment property that has been in a short sale for several years and I am unable to sell it. When I took out the mortgage for that property, the home was appraised to about double of the mortgage amount I was requesting. I had several offers, but my bank keeps changing the price of the home after the bid was received. After Hurricane Sandy, this home ended up in foreclosure. My question is can the bank put a lien on my primary residence due to the foreclosure process that is going on with my investment home?
Response: Foreclosures take a while. In order to put a lien on your primary residence, the bank first has to foreclose on your investment property and then sue you for a deficiency judgment and only then, if they prevail, they have to find a way to get the money owed to them and can put a lien on your other home. This is such a lengthy process that it may take years. Also, you can fight foreclosure and try to mitigate your damages in advance. If you can't do a short sale, you may be able to do a deed-in-lieu of foreclosure or cash for keys. Contact the bank and see what they would be willing to do if you are willing to give up the property. You can also request a settlement conference with the court where you can try to reach a settlement with the lender (usually bank's attorney appears for those conferences).
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
Response: Foreclosures take a while. In order to put a lien on your primary residence, the bank first has to foreclose on your investment property and then sue you for a deficiency judgment and only then, if they prevail, they have to find a way to get the money owed to them and can put a lien on your other home. This is such a lengthy process that it may take years. Also, you can fight foreclosure and try to mitigate your damages in advance. If you can't do a short sale, you may be able to do a deed-in-lieu of foreclosure or cash for keys. Contact the bank and see what they would be willing to do if you are willing to give up the property. You can also request a settlement conference with the court where you can try to reach a settlement with the lender (usually bank's attorney appears for those conferences).
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
Who Has the Primary Claim on my Foreclosed Home: the Bank or HOA?
Question: Do we qualify for the state or federal foreclosure settlement? We filed for bankruptcy a couple of years ago as the loan modification of our mortgage was taking too long. Subsequently, we had a mediation to try and remedy our situation, but the mortgage company traded or sold our account to another lender. We showed up and were not even notified. While we were trying to mediate our case, our HOA had our home up for foreclosure sale within a month.
Response: If HOA is suing you, their position is subordinate to that of the mortgage company and they have to wait for the bank to foreclose upon your apartment/house in order to get the money owed to them. If the money received by the mortgage holder is less than what is owed under the mortgage, HOA may not be getting anything at all. HOA usually likes to expedite foreclosures because they want the apartment with unpaid fees gone and to get a new owner who will pay the fees. But as far as a foreclosure conference with them, it is not mandatory but they will often appear for settlement conferences you will have with the lender.
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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Response: If HOA is suing you, their position is subordinate to that of the mortgage company and they have to wait for the bank to foreclose upon your apartment/house in order to get the money owed to them. If the money received by the mortgage holder is less than what is owed under the mortgage, HOA may not be getting anything at all. HOA usually likes to expedite foreclosures because they want the apartment with unpaid fees gone and to get a new owner who will pay the fees. But as far as a foreclosure conference with them, it is not mandatory but they will often appear for settlement conferences you will have with the lender.
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
Monday, March 11, 2013
Do Charged off Mortgages Fall under the Mortgage Forgiveness Debt Relief Act?
Question: Our home was foreclosed on several years ago. We had two mortgages with the same lender. The bank charged off the second mortgage and back-dated it for the same month as the foreclosure for the first mortgage. Is this charged off second mortgage something we should be concerned about or does it fall under the Mortgage Forgiveness Debt Relief Act?
Response: When the loan is charged off, it is generally just written off as a loss by the lender. It becomes unsecured and in most instances, lenders sell charged off loans to collection agencies for pennies on the dollar. Collection agencies will make money even if they settle with you for a penny more. It's a matter of bargaining. In your case, however, the property was already foreclosed on. It is very unlikely that they will be going after you other than for deficiency judgment (which lately has been waived by most lenders). Some charged off loans can be forgiven under the federal program but then it would state that and you would likely receive notice of that. I doubt anyone would retroactively be forgiving this loan on the property that was foreclosed on. If no one is bothering you, then just don't worry about this loan.
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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Response: When the loan is charged off, it is generally just written off as a loss by the lender. It becomes unsecured and in most instances, lenders sell charged off loans to collection agencies for pennies on the dollar. Collection agencies will make money even if they settle with you for a penny more. It's a matter of bargaining. In your case, however, the property was already foreclosed on. It is very unlikely that they will be going after you other than for deficiency judgment (which lately has been waived by most lenders). Some charged off loans can be forgiven under the federal program but then it would state that and you would likely receive notice of that. I doubt anyone would retroactively be forgiving this loan on the property that was foreclosed on. If no one is bothering you, then just don't worry about this loan.
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
Appeals in Foreclosure Cases
Question: If the Plaintiff wins a foreclosure case against me in Summary Judgment, can I still appeal? How long do I have to appeal?
Response: Generally, the time to appeal is 30 days but even if the Plaintiff wins on Summary Judgement, Plaintiff still has to win on his/her next motion--Judgment of Foreclosure and Sale (JFS). Unless JFS is granted, the bank cannot foreclose on the property. If you think your argument is weak on the merits and you would like to enter into a settlement, start negotiating with the bank in advance or contact a professional attorney to do it for you. Don't wait until it is too late.
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
Response: Generally, the time to appeal is 30 days but even if the Plaintiff wins on Summary Judgement, Plaintiff still has to win on his/her next motion--Judgment of Foreclosure and Sale (JFS). Unless JFS is granted, the bank cannot foreclose on the property. If you think your argument is weak on the merits and you would like to enter into a settlement, start negotiating with the bank in advance or contact a professional attorney to do it for you. Don't wait until it is too late.
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
Monday, March 4, 2013
How Does the Bank Evict Holdover Tenants following a Foreclosure?
Question: We received a notice to quit after our home was sold at an auction due to a foreclosure. We did not vacate the property within the three days. What happens next? We are looking for a place to live, but have not moved yet because we need additional time to find a place. A neighbor claimed that since we received a notice to quit the Sheriff could come any day and physically remove us or lock us out. If an unlawful detainer notice is filed, shouldn't we be served with a copy and given the opportunity to respond before the Sheriff can do this? Shouldn't the Sheriff have a judgment?
Response: Once the property is foreclosed upon and you remain on the premises, you become a holdover tenant and if you don't leave voluntarily, the bank will have to bring a Landlord/Tenant action against you to get you evicted. You have to be served with the papers and you should have an opportunity to appear in court. Since evictions can be quite a lengthy process, banks often tend to offer some money to holdover tenants just for them to agree to leave and save the time and expenses on Landlord/Tenant process.
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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Response: Once the property is foreclosed upon and you remain on the premises, you become a holdover tenant and if you don't leave voluntarily, the bank will have to bring a Landlord/Tenant action against you to get you evicted. You have to be served with the papers and you should have an opportunity to appear in court. Since evictions can be quite a lengthy process, banks often tend to offer some money to holdover tenants just for them to agree to leave and save the time and expenses on Landlord/Tenant process.
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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Can the Bank Evict me from my Foreclosed Home without any Legal Process?
Question: We have been working with our bank on a loan modification for over a year. When we recently came home, all of our belongings were in the garage and workers were in the house painting. We were given no notice of a foreclosure sale nor were we given eviction papers. The workers also changed the locks, although we still have access to the property. We filed papers with the Attorney General to stop any foreclosure action. We are missing some of our valuable personal belongings and some of our property was damaged. We did not abandon the property. We were considering changing the locks back and making them evict us as the Sheriff was not notified. What can we do to stop the foreclosure action right now and get the workers out who are using the services we pay for?
Response: Were you in foreclosure? Foreclosure is a long, legal process and even while you are trying to modify the loan, foreclosure process can still occur unless the loan is in a trial plan or permanently modified. However, the court must first grant the Judgment of Foreclosure and Sale, the bank then has to advertise the foreclosure sale in the newspaper for the next month and afterward, the sale property is sold off at an auction and goes to the highest bidder (most often to the bank itself). If someone is still occupying the property, the bank cannot just come in, change the locks but would rather have to evict the holdover tenant through Landlord/Tenant court. Unless the property was vacant, I can't imagine someone getting so confused as to assume the property is not occupied. Being that the process takes quite some time, it is possible that it is not the contractors from the bank who are occupying the property but someone who noticed that the property has been vacant for some time and is taking advantage of the situation. Also, if the foreclosure sale did indeed take place, you would need to do a Motion to Vacate Judgment of Foreclosure and Sale. It can be rather complicated and I would suggest finding a professional attorney for help.
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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Response: Were you in foreclosure? Foreclosure is a long, legal process and even while you are trying to modify the loan, foreclosure process can still occur unless the loan is in a trial plan or permanently modified. However, the court must first grant the Judgment of Foreclosure and Sale, the bank then has to advertise the foreclosure sale in the newspaper for the next month and afterward, the sale property is sold off at an auction and goes to the highest bidder (most often to the bank itself). If someone is still occupying the property, the bank cannot just come in, change the locks but would rather have to evict the holdover tenant through Landlord/Tenant court. Unless the property was vacant, I can't imagine someone getting so confused as to assume the property is not occupied. Being that the process takes quite some time, it is possible that it is not the contractors from the bank who are occupying the property but someone who noticed that the property has been vacant for some time and is taking advantage of the situation. Also, if the foreclosure sale did indeed take place, you would need to do a Motion to Vacate Judgment of Foreclosure and Sale. It can be rather complicated and I would suggest finding a professional attorney for help.
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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Tuesday, February 26, 2013
Foreclosure after Bank's Refusal to Honor an Executed Loan Modification
Question: My bank refused to honor a signed loan modification offer that was presented about two years ago. We fulfilled all obligations, returned all paperwork and made payment via cashier's check. We have not heard from the bank and now they claim the loan modification offer did not receive final approval and are threatening to start the foreclosure proceedings. We have made all payments on time. Do we need to retain an attorney and will we need to sue them?
Response: It is very likely that when you received a loan modification, it was given prior to stringent requirements that are taking place now. Banks used to give out loan modifications like candy and then deny everyone. Most people then had to reapply for a loan modification once the bank was able to verify all the necessary documents. Have you tried reapplying for a loan modification? It is likely that they could review you again and grant a loan modification this time around. If not, even if the bank commences a foreclosure action, you have good arguments for the court, which will most likely take your side and will exert pressure on the bank to enforce the loan modification or grant another one since the bank is not acting in "good faith."
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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Response: It is very likely that when you received a loan modification, it was given prior to stringent requirements that are taking place now. Banks used to give out loan modifications like candy and then deny everyone. Most people then had to reapply for a loan modification once the bank was able to verify all the necessary documents. Have you tried reapplying for a loan modification? It is likely that they could review you again and grant a loan modification this time around. If not, even if the bank commences a foreclosure action, you have good arguments for the court, which will most likely take your side and will exert pressure on the bank to enforce the loan modification or grant another one since the bank is not acting in "good faith."
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.
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
Sunday, February 24, 2013
Can I File an Answer to Foreclosure Complaint Myself?
Question: I received a summons about foreclosure on my house. As of beginning of this year we were accepted into a Home Modification program (HAMP) and have already made a couple of payments. The servicer of our loan is telling us that this just crossed in the mail and is a matter of formality since we are in the trial payment period. I searched for a date and have just realized that the motion or the answer needs to be filed this week. I just want to file the motion. If anything additional should occur I would hire an attorney to handle this. Is this something I can do myself? I have contacted a number of attorneys to get more information on this.
Response: If you are in a HAMP trial period, the loan will convert into a permanent loan modification and the foreclosure will be discontinued by the bank's attorneys. To be on the safe side, you should do a simple answer that would allow you to preserve defenses in case the loan modification option does not work out. You don't need to do a motion especially since you are on the path of modifying your loan. Just keep making timely trial payments and the loan will be modified and the case will be discontinued.
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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Response: If you are in a HAMP trial period, the loan will convert into a permanent loan modification and the foreclosure will be discontinued by the bank's attorneys. To be on the safe side, you should do a simple answer that would allow you to preserve defenses in case the loan modification option does not work out. You don't need to do a motion especially since you are on the path of modifying your loan. Just keep making timely trial payments and the loan will be modified and the case will be discontinued.
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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Thursday, February 14, 2013
HAMP Loan Modification and Credit Report
Question: Will getting a HAMP loan modification be reflected on my credit report?
Response: Yes, if the loan is permanently modified under HAMP, the bank will report that to the credit bureaus and your credit report will state loan modified under HAMP or under a government program. Initially, the credit score will drop but once you begin making timely payments again, the credit score will start increasing.
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.
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
Response: Yes, if the loan is permanently modified under HAMP, the bank will report that to the credit bureaus and your credit report will state loan modified under HAMP or under a government program. Initially, the credit score will drop but once you begin making timely payments again, the credit score will start increasing.
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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Monday, February 4, 2013
What's Less Costly: Foreclosure or Short Sale?
Question: I have a mortgage with one bank and an equity line of credit with another bank. If I let my home go into foreclosure, can the bank sue me for the equity amount? How does this work? My mortgage balance is slightly lower than the value of my house. With the real estate prices down, if I put my home on the market for its market value, with all the additional fees and closing costs, I would have to make an investment into having it sold via a foreclosure.
Response: You are better off doing a short sale than letting it go into foreclosure. Foreclosure should always be the last alternative as it will most adversely affect your credit. Based on your description, both loans are secured by equity in your home, i.e., if the house sells for its market value or even less, both lenders will be able to obtain what is due and owing to them. However, if you are concerned about putting money out-of-pocket, then consider a short sale since the bank will pay for all sale-related expenses and even offer you money to do a short sale, if the house is your primary residence. However, to answer your question specifically, the lender that gave you an equity line is unlikely to go after you because based on the description you provided, they will likely get their money (ex: if the house sells for its market value, the first lender will get what is owed to them, the balance will go to the second lender, and if anything is remaining, you can even claim the rest).
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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Response: You are better off doing a short sale than letting it go into foreclosure. Foreclosure should always be the last alternative as it will most adversely affect your credit. Based on your description, both loans are secured by equity in your home, i.e., if the house sells for its market value or even less, both lenders will be able to obtain what is due and owing to them. However, if you are concerned about putting money out-of-pocket, then consider a short sale since the bank will pay for all sale-related expenses and even offer you money to do a short sale, if the house is your primary residence. However, to answer your question specifically, the lender that gave you an equity line is unlikely to go after you because based on the description you provided, they will likely get their money (ex: if the house sells for its market value, the first lender will get what is owed to them, the balance will go to the second lender, and if anything is remaining, you can even claim the rest).
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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Negotiating Time with a Bank to Move from Foreclosed Property
Question: My house is supposed to be authorized for foreclosure by the court tomorrow. How much time do I have to get my things out? I have tried HARP in the past and failed as I was unemployed for some time.
Response: After foreclosure takes place, the bank or whoever purchases the property will become the new owner and you will become a holdover tenant if you remain on the property. Oftentimes, the bank will offer money to a holdover tenant to leave or will have to bring an eviction proceeding in the landlord/tenant court to get you out. It is likely that you would be able to negotiate with the bank that you need a certain amount of time to leave and they will let you to avoid additional legal expenses.
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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Response: After foreclosure takes place, the bank or whoever purchases the property will become the new owner and you will become a holdover tenant if you remain on the property. Oftentimes, the bank will offer money to a holdover tenant to leave or will have to bring an eviction proceeding in the landlord/tenant court to get you out. It is likely that you would be able to negotiate with the bank that you need a certain amount of time to leave and they will let you to avoid additional legal expenses.
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.
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
Saturday, January 26, 2013
Stopping Foreclosure by Reinstating the Mortgage
Question: We were served with foreclosure papers last week, is there any way to stop the foreclosure? We have a way to obtain the past due amount. We thought the payments were getting automatically withdrawn and did not receive the notifications due to the wrong email address the bank had for us. We tried to call the mortgage company, but instead were told to contact the attorney that filed the papers.
Response: Request the reinstatement amount from the bank's attorneys, reinstate the loan, and they will discontinue the foreclosure action. Foreclosure is a lengthy process and before the bank can even proceed with a residential foreclosure, you will attend a mandatory settlement conference, where you too will have an opportunity to try to work out an option to save your home, i.e., loan modification, reinstatement, short sale, etc.
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
Response: Request the reinstatement amount from the bank's attorneys, reinstate the loan, and they will discontinue the foreclosure action. Foreclosure is a lengthy process and before the bank can even proceed with a residential foreclosure, you will attend a mandatory settlement conference, where you too will have an opportunity to try to work out an option to save your home, i.e., loan modification, reinstatement, short sale, etc.
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
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