Unaffordable Mortgage following Expiration of Reduced Payments from Chapter 13 Bankruptcy

Question: My home is underwater by about $100,000. I filed Chapter 13 Bankruptcy six years ago and my bank gave me a reduced rate for those six years. Now that the six years are over, my monthly mortgage payment doubled, which is impossible for me to afford. Will a bank typically foreclose on a property that’s underwater as much as mine? What options are available to me? I would like to stay in my home, I just can’t afford my new monthly mortgage payments.

Response: Yes, the bank will absolutely try to foreclose on your property even if there is no equity. If you do nothing (i.e, if you are not paying the mortgage), it is the bank’s right to bring a foreclosure suit against you. You can apply for a loan modification, which may reduce your payments again. That might be your only option if you want to stay in your home. Oftentimes, while the bank is considering you for a loan modification, they may not be initiating the foreclosure process to determine if the case can be resolved without it. However, this is not a guarantee and many banks may begin foreclosure even if you are in review. If loan modification is not an option, you would have to consider doing a short sale or a deed in lieu of foreclosure. It is better to explore a short sale or a deed in lieu of foreclosure than to allow the bank to foreclose, as the bank may then initiate a deficiency judgment to go after you for the difference in the amount owed and received at the foreclosure sale.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and sale.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2016 Law Office of Svetlana Kaplun, P.C.

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HOA’s Right to Foreclose and Collect Back Dues

Question: I am currently delinquent on my homeowner association (HOA) dues for over six years. In New York can a homeowner association foreclose on a property and collect on more than six months of back dues?

Response: Yes, the HOA can initiate the foreclosure proceeding in the same manner than the bank can. If there is no mortgage, the HOA may be in 1st position to foreclose. If there is a mortgage, the HOA’s position shifts to 2nd, 3rd, or 4th, etc., depending how many lien holders are in prior position. Usually, if a person isn’t paying his/hers HOA dues, they are not paying their mortgage either. What ends up happening is the HOA tries to expedite bank’s foreclosure process so they could get rid of a non-paying member. The non-payment to HOA sometimes is worse than non-payment to the bank because the foreclosure settlement conferences that exist for settlement purposes with the bank statutorily don’t exist with the HOA. However, most of the time the HOA will be inclined to accept some sort of a payment plan to settle your back dues.

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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Avoiding Retaining an Attorney in Foreclosure Cases

Question: I received a foreclosure citation, however, I accepted an offer to sell my home for cash to a person I’ve known for a very long time. The sale is expected to take place about six weeks before the answer is due. Because I know the buyer, I know that the cash is available and the sale will go through. Do I still need to file an application and retain an attorney?

Response: To avoid having to retain an attorney when you are this close to selling your property, you can contact the attorneys for the bank and ask them for an extension, explaining that you are in the process of selling the property and paying the bank off. There is a high likelihood that they will grant you an extension. If you close before the answer is due, then your case will be settled beforehand and you won’t need to file an answer. If not, it is always best to file an answer to preserve your defenses and to avoid being in default of the lawsuit, as it is easier for the bank to foreclose on your property when you are in default.

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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Defaulted Mortgage Affecting Chapter 13 Bankruptcy Filing

Question: My son and I own a house he lives in. He is responsible for the first mortgage on this property. I took out a second mortgage on this property and at a later point filed Chapter 7 bankruptcy, which discharged me from the second mortgage on the property. My son is trying to file Chapter 13 bankruptcy. Although my son did not sign any documents on the second mortgage, his attorney is suggesting that my son’s ability to file bankruptcy might be affected by this mortgage as its bank could foreclose on the property. Therefore, my son is being advised to get current on the second mortgage and continue making monthly payments on it. This is something he cannot afford at this time.

Response: It’s a little unclear why your son would be responsible for the second mortgage to begin with if he did not sign the note. If you are the only one on the note, and your liability was already discharged, then it doesn’t affect your son. If you both signed the note and your liability is discharged but he remained liable, then it’s a different story. For Chapter 13 bankruptcy purposes, he would have to make a payment plan to repay his debts but the equity in the home would also come into the picture. He may be able to get away with more if there is little or no equity. Otherwise, it is true, he may face difficulties in filing Chapter 13 bankruptcy.

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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Deficiency after Deed-in-Lieu of Foreclosure on Property Discharged in Chapter 7 Bankruptcy

Question: I would like to do a deed-in-lieu of foreclosure on my property, which has already been discharged in a Chapter 7 bankruptcy. Since I can’t afford the costs and maintenance of the property anymore, I would like to give it back to the bank sooner rather than waiting for a foreclosure sale. Would there be a deficiency judgment or any tax consequences for me if the bank files a 1099 and writes off a loss? If yes, how much would that deficiency be?

Response: Generally, once the bankruptcy gets discharged, your debts are extinguished. If you were not doing the deed-in-lieu of foreclosure, the bank could still pursue their foreclosure action but your personal liability of the debt would be gone, meaning they would not come after you for the deficiency. Since you are doing the deed-in-lieu, you should not worry about the deficiency.

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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Obtaining Mortgage after Foreclosing on Property Discharged in Chapter 7 Bankruptcy

Question: I own a property that was part of a Chapter 7 bankruptcy discharged over five years ago. We decided to keep the property but never reaffirmed the mortgage. Attached to the property is a U.S. Small Business Administration (SBA) lien from a bank. Between the first mortgage and the lien there is zero equity in this home and there would not be enough to fully satisfy the second lien. If I were to foreclose on this property, how would that effect my credit? Would I be able to get a mortgage to purchase another property in the future?

Response: Your credit is already ruined from having filed for bankruptcy. I doubt until your credit restores from bankruptcy you will be able to get a mortgage. Obviously foreclosure never looks good on the credit report. You can mitigate your damages though by either doing a short sale or a deed-in-lieu of foreclosure but as far as credit is concerned, you shouldn’t really worry. In due time, you will be able to recover and get another mortgage.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and sale.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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Best Option for Recent Mortgage Defaulter

Question: I can't afford to keep my home anymore and I recently stopped paying my mortgage. My bank keeps calling me daily because I defaulted and I haven't returned their calls. Would deed in lieu of foreclosure be the best option in my case?

Response: The collection department from the bank will be harassing you for your payment. You have several choices: a) apply for a loan modification to determine if you could lower your payment, b) do a short sale or c) a deed-in-lieu of foreclosure. If the property has equity, then it’s better to just do a regular sale of the property. If the property has no equity and is “under water”, then it’s best to do a short sale or a deed in lieu but many prefer you list the property for sale first and will only consider a deed in lieu if the attempt at selling it did not work. You can also write a letter asking them to stop calling and/or writing to you under federal debt collection laws. This way, until the bank commences its foreclosure action, which in New York, may happen up to 6 years from the time of default, you can at least consider your options without constant harassment from the bank.

As a New York State Licensed Real Estate Broker, Attorney Svetlana Kaplun has the expertise to assist interested homeowners in all steps of the short sale process including: bank negotiation and short sale approval, property listing and sale.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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Last Minute Motion to Stop the Foreclosure Sale

Question: Our home is about to go into foreclosure. We've been reviewing ways to stop the sale and noticed that one of my secured creditors, who should have been notified, was not. Can I stop the sale by filing an emergency motion due to the fact that this creditor was not notified?

Response: You could try. It could be that the creditor filed a Notice of Appearance with a waiver for certain or all notices. Also, foreclosure can take place anyway and then a strict foreclosure lawsuit must be brought against the party that was not notified to cure off that party’s interest, so your strategy may not be that effective. You can try calling the bank and see if they will stop the sale while they review your documents for a loan modification, assuming you will submit them. Alternatively, you can file bankruptcy, which will temporarily stop the sale.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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Assignment of Mortgage Procedural Defects in Foreclosure Cases

Question: Sometime last year, a bank, which doesn't own my mortgage and is not servicing my mortgage, filed for foreclosure on my property. A week after, that bank withdrew the foreclosure and nothing has been done since. Yesterday, I was notified that a clerical error was entered on my property description by a company that I believe was hired by that bank. No one ever contacted me about this nor showed me how these changes affect me. I believe that the deed has been separated from the note by this bank that I never dealt with.

Response: Generally, when banks start a foreclosure action and immediately thereafter voluntarily discontinue it, there is a procedural problem that they realize may prevent them from foreclosing on your property. For example, if your loan is owned by the first bank and it was recently sold to the second bank and they have started a foreclosure action in the name of the second bank but the assignment of mortgage (document that transfers ownership of the note and mortgage) is in the name of the first bank, then there is a procedural defect in the case and the Plaintiff would have no standing to sue you because at the time of commencement of the action, the loan was still owned by the first bank. This is just an example. I am not sure exactly what happened that led to discontinuance of the case. Contact an attorney who is experienced in these matters to discuss how your legal position may be affected and what defenses you now have to a new foreclosure action.  Good luck!

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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Foreclosure and Deficiency Judgment Resulting from Failure to Keep Up with Chapter 13 Bankruptcy Payments

Question: We had been in Chapter 13 Bankruptcy for a couple of years. Due to my disability, we were not able to keep up with the Chapter 13 Bankruptcy payments and were discharged from it. We are now trying to deal directly with our mortgage company to save our home from foreclosure. If we cannot come up with a deal and our home goes to a foreclosure action sale for less than what we owe, will the mortgage company come after us for the difference?

Response: Different banks have different policies on pursuing deficiency judgments. Lawfully, they have the right to go after you for the difference, i.e., deficiency. Many banks today, however, waive their right to sue borrowers for deficiency because they know many people have no assets to go after and it is not economically feasible for the bank to do so. If you feel that you may near foreclosure sale, discuss the short sale or deed-in-lieu options with the bank to avoid financial ramifications that could result from foreclosure action sale.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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Rights of Second Lien Holder in Short Sale

Question: I am doing a short sale on my house. Does the second lien holder in the form of a home equity loan have the right to collect the debt in full prior to approval of the short sale? With the completion of the short sale, does the mortgage company then take the loan in? If I find a financial institution to get my mortgage agreement back to its current status, what rights does the mortgage company have?

Response: If you pay off the loan, you get a satisfaction of mortgage and bank cannot foreclose. Please note that generally the banks don't want your house and will be much happier with getting their monies. As far as the short sale is concerned, the fact that it's a short sale means that your home is worth less than the amount of your mortgaged debt. Holder of home equity loan has to agree to get cut off completely or receive a small amount of money on repayment of their debt for you to be able to proceed with the short sale.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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Submitting Loan Modification Documents Signed by One of Many Co-Borrowers

Question: My ex-husband modified our jointly owned mortgage without my signature. Do I have any recourse?

Response: As long as one borrower lives in the house and submitted their documents for a loan modification, they are entitled to a loan modification and your signature may not have been required unless both of you had to sign and he forged your signature. Generally, if there is a divorce decree awarding the house to one of the spouses, he may have been able to modify and sign the agreement by himself.

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

Subordinate Defendant on Foreclosure Summons due to a Defective Quit Claim Deed

Question: I have been listed as a defendant in a summons for a mortgage foreclosure. The mortgage isn't in my name. It says that I am "subordinate, junior and inferior to the lien of plaintiff's mortgage, including, but not limited to, possible interest due to defective corrective quit claim deed." What does all this mean?

Response: What that means is that you are put on notice that foreclosure action has been commenced against the borrower who defaulted on his/hers mortgage. Since you have an interest in the property, by adding you as a defendant to the action, the bank is essentially trying to cut off your interest in the property in case foreclosure sale takes place. You cannot be sued for a deficiency since you are not the borrower.

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