Question: I need to know if paying one or more 'trial payments' toward a potential mortgage loan modification will 'reaffirm' the original mortgage note which was discharged in a Chapter 7 bankruptcy several years ago. I do not want to reaffirm that debt and worry that a 'trial payment' might do that. The only reason to make the trial payments is to postpone the inevitable foreclosure sale.
Response: Making trial payments doesn't reaffirm the debt. Unless you selected that you are indeed reaffirming the debt in your Chapter 7 petition, all you are doing is making payments towards your loan so the bank wouldn't commence a foreclosure action or proceed with the foreclosure sale. Loan modification stays foreclosure actions. If the loan is modified, the case is settled and property will not be sold (unless you stop making payments again once the loan is modified). Also, trial loan modification after 3 months has to convert into a permanent loan modification. Once the permanent loan modification is executed, you no longer have to worry about the foreclosure sale taking place.
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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Saturday, October 26, 2013
Do Trial Loan Modification Payments Reaffirm Original Mortgage Debt that was Discharged via Bankruptcy?
Rejection of Loan Modification and Foreclosure due to Incorrect Calculation of Income by Bank
Question: When I was attempting to get a loan modification, the bank incorrectly counted my income, in order to correct their mistake, they requested that I reject the current offer and reapply. I followed their instructions. I reapplied and for 6 months they kept on saying that they were reviewing my new loan modification application and I would be getting an offer or denial in the mail. I was following up with them every month if not more often than that. They kept on saying it was under review each time I called and that I should be patient and wait for the response in the mail. Within a week or two of these follow up calls, I received a foreclosure notice on my door. When I asked the bank what was going on, they "escalated" my account to be reviewed based on their erroneous information to some department that I could never talk to. Nevertheless, my home was foreclosed on with an option to do a deed-in-lieu of foreclosure, short sale, etc. I believe this has adversely affected my credit score and job opportunities as almost every employer looks at my credit and sees this negative information on my background. What chances do I have in seeking damages for this unethical practice? As a side note, this was not a subprime loan, it was a full doc.
Response: Unfortunately, seeking a loan modification is a not a waiver of foreclosure. When you stop making payments, the bank can indeed start a foreclosure action and proceed with foreclosure unless your file is specifically placed on loss mitigation hold (which would stay foreclosure action). It is surprising though that the bank was able to foreclose so quickly because foreclosures these days last substantially longer than in the past. Also, banks are usually more inclined to try to settle the matter with you via loan modification rather than foreclosing so it's a bit surprising that they foreclosed. Also, if you are told after 6 months that the file is still in review, something is wrong. The banks are allowed 30 days to complete review once a complete package is received. You have to be very aggressive in following up at least once a week because documents become stale after 60-90 days and then you can't be reviewed with old documents. I doubt that you have grounds for a lawsuit against this bank.
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: Unfortunately, seeking a loan modification is a not a waiver of foreclosure. When you stop making payments, the bank can indeed start a foreclosure action and proceed with foreclosure unless your file is specifically placed on loss mitigation hold (which would stay foreclosure action). It is surprising though that the bank was able to foreclose so quickly because foreclosures these days last substantially longer than in the past. Also, banks are usually more inclined to try to settle the matter with you via loan modification rather than foreclosing so it's a bit surprising that they foreclosed. Also, if you are told after 6 months that the file is still in review, something is wrong. The banks are allowed 30 days to complete review once a complete package is received. You have to be very aggressive in following up at least once a week because documents become stale after 60-90 days and then you can't be reviewed with old documents. I doubt that you have grounds for a lawsuit against this bank.
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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Saturday, May 25, 2013
Saving Your Home after Filing for Bankruptcy
Question: I deeded my home to my son to start his business a few years back. Soon after, the business failed. He filed for bankruptcy. The final judgment from bankruptcy court dissolved him of the bills concerning the business including the mortgage on the home. Soon after the end of the bankruptcy, the bank that was holding the mortgage sold the property to another mortgage company. We are in final foreclosure procedure now. I tried to negotiate with them for fair market value with no luck and so far we continue to accumulate interest. What are my options?
Response: When one files for bankruptcy, the obligation under the note is discharged but the bank's right to pursue foreclosure under the mortgage agreement remains. The bank has a right to foreclosure on the property. To stop it, you may need to become current on the mortgage. Most banks do not like to negotiate a short payoff with the borrower so the person who originally obtained a certain amount doesn't benefit from the transaction by now having to pay less. So, it is hard to accomplish. When you go to court, you should realistically weigh your options and see if you want to save this property. After filing for bankruptcy, the bank cannot sue the owner for deficiency since the obligation under the note no longer exists.
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 one files for bankruptcy, the obligation under the note is discharged but the bank's right to pursue foreclosure under the mortgage agreement remains. The bank has a right to foreclosure on the property. To stop it, you may need to become current on the mortgage. Most banks do not like to negotiate a short payoff with the borrower so the person who originally obtained a certain amount doesn't benefit from the transaction by now having to pay less. So, it is hard to accomplish. When you go to court, you should realistically weigh your options and see if you want to save this property. After filing for bankruptcy, the bank cannot sue the owner for deficiency since the obligation under the note no longer exists.
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, May 8, 2013
Garnishing of Wages in a Foreclosure
Question: I am several months behind on my mortgage payments in an "under water" residence. If foreclosure begins, will my wages be garnished?
Response: The only way for garnishment to take place is if the bank wins foreclosure action and then brings another lawsuit to obtain a deficiency judgment against you. If they are successful, they have to find a way to get the money from you and then garnishing wages is an option. You can try to fight the foreclosure. You can try to get a loan modification or a short sale. Foreclosure should be your last resort. If it takes place, however, please note that some banks today waive lawsuits for a deficiency judgment. So, while it is possible down the road, it is not certain that it will happen.
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: The only way for garnishment to take place is if the bank wins foreclosure action and then brings another lawsuit to obtain a deficiency judgment against you. If they are successful, they have to find a way to get the money from you and then garnishing wages is an option. You can try to fight the foreclosure. You can try to get a loan modification or a short sale. Foreclosure should be your last resort. If it takes place, however, please note that some banks today waive lawsuits for a deficiency judgment. So, while it is possible down the road, it is not certain that it will happen.
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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Taking out a Mortgage after Filing for Bankruptcy or Losing a Home to Foreclosure
Question: My home was included in a bankruptcy that I filed a couple of years ago. When I recently tried to purchase another home, I was told that I have to wait for approximately three years after the foreclosure process and the fact that my home was included in a bankruptcy is irrelevant. What makes the matters worse is the fact that my initial lender sold my mortgage to another bank, which didn't start working on my foreclosure yet. Can you please confirm that I indeed have to wait for three years after the completion of foreclosure to buy a new home or I can do so because my home was included in the bankruptcy?
Response: Once you file for bankruptcy, your credit is damaged and needs time to repair before a lender will extend credit to you again. It is easier to get a credit card a couple of years after the bankruptcy than getting a new mortgage. It may take longer than three years. Bankruptcy takes 7-10 years to go away from your credit report. It is a slow process to build it up but it is possible, mainly through obtaining new credit, which you will timely repay in the future.
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: Once you file for bankruptcy, your credit is damaged and needs time to repair before a lender will extend credit to you again. It is easier to get a credit card a couple of years after the bankruptcy than getting a new mortgage. It may take longer than three years. Bankruptcy takes 7-10 years to go away from your credit report. It is a slow process to build it up but it is possible, mainly through obtaining new credit, which you will timely repay in the future.
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, May 1, 2013
Destroyed Property Now in Foreclosure: Rebuild or Walk Away?
Question: We are in the early stages of foreclosure on our home as my wife has been laid off for a while. We have payments in arrears with an attorney, who helped us get a loan modification on our mortgage, but our home was destroyed in a fire and is now a total loss. We got a payment from the insurance company, so I would rather rebuild our home than walk away. My wife is starting another job in a month. Will the bank move forward with the foreclosure or allow us to rebuild our home?
Response: If you are not paying the mortgage, the bank may start a foreclosure action. You can try to get a loan modification to avoid foreclosure. However, if you now have the money to reinstate the loan (i.e. pay back the arrears and get current on the mortgage payment), the bank will be happy to get its money back. Once the loan is reinstated, you no longer in danger of foreclosure and I don't see a reason why you shouldn't be able to rebuild your home unless it is not feasible for you for some other reason.
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 you are not paying the mortgage, the bank may start a foreclosure action. You can try to get a loan modification to avoid foreclosure. However, if you now have the money to reinstate the loan (i.e. pay back the arrears and get current on the mortgage payment), the bank will be happy to get its money back. Once the loan is reinstated, you no longer in danger of foreclosure and I don't see a reason why you shouldn't be able to rebuild your home unless it is not feasible for you for some other reason.
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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Compliance with Bank's Financial Information Requests in Short Sale Process
Question: We were in a short sale process with our lender and now they transferred our loan to another lender. The new lender says we have to start the short sale process all over and provide extensive financial information, which was provided in part to the original lender. Is this legal and if so, I only plan to provide limited information and state that we filed Chapter 7 bankruptcy in 2011 for much of the questions.
Response: Short sale process can be rather complicated and must be approved by the bank. If your servicer has changed, you must now comply with new servicer or short sale will not be approved. If you filed for bankruptcy, there is nothing shameful here and should be disclosed. The bank usually pulls your credit report and will be able to see it anyways. Every bank has their own process for short sale and I am not sure what it is that this particular bank is asking of you in this case but most of the time they just want to get an offer similar to the market value of the property to approve the short sale (also unaffordability of current mortgage).
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: Short sale process can be rather complicated and must be approved by the bank. If your servicer has changed, you must now comply with new servicer or short sale will not be approved. If you filed for bankruptcy, there is nothing shameful here and should be disclosed. The bank usually pulls your credit report and will be able to see it anyways. Every bank has their own process for short sale and I am not sure what it is that this particular bank is asking of you in this case but most of the time they just want to get an offer similar to the market value of the property to approve the short sale (also unaffordability of current mortgage).
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
Allowing a Deeded Home Go into Foreclosure
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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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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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.
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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.
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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.
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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.
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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.
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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.
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