Qualifying for Early Credit Line after Foreclosure

Question: I had a foreclosure completed in 2010. Since then I was told I need to wait seven years before I can get any type of home loan, equity loan or line of credit against another house I own, which has plenty of equity. It seems like after five full years I should have some options to borrow against my home or do I have to wait another 2 years?

Response: That would really depend on the status of your credit score and the amount of money you would be trying to borrow, among other factors. Mortgage brokers are best in answering these questions since they deal with the lenders directly. However, it is more likely than not that you would have to wait because you are still considered a risk to most lenders and they would be concerned to lend you money in anticipation of your possible 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 © 2015 Law Office of Svetlana Kaplun, P.C.

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Modifying Balloon Loans in Advance of Foreclosure Process

Question: I have a home equity balloon loan that was due to be paid back in full in third quarter of last year, but most unfortunately I couldn't repay it. The loan is in the amount of a couple of hundred thousands of dollars, but has since incurred a penalty of around ten thousand, making the total due slightly higher. I have been making monthly interest only payments since then. They just transferred my loan to specialized loan servicing LLC as of early this year. My home has a substantial amount of equity in it and has been up for sale since late last year. I owe nothing else on it. How long does the foreclosure process take and do I have any legal rights where my home is concerned?

Response: In New York, foreclosure process takes no less than one year and in many cases, it can take three to five years. Even though it’s a lengthy process, I certainly do not advise just sitting around and waiting for foreclosure to happen. If you have good credit history, you can try refinancing the balloon by obtaining another loan. When you would sell you property, you will pay off the mortgage. You can contact SLS, your mortgage servicer, and inquire whether there is a possibility of modifying the balloon by giving you same terms as you would get in modifying your mortgage. In the meantime, you can try lowering your asking price to attract more buyers if your true intention is to sell the property. Best of 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 © 2016 Law Office of Svetlana Kaplun, P.C.

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Choosing between Cash-for-Keys Offer and Foreclosure with Eviction

Question: My home was sold in a foreclosure sale and I received an eviction summons. I also received a cash-for-keys offer. If I accept the cash-for-keys agreement, does it make sense for me to answer the summons? I was told that as long as I keep the cash-for-keys agreement, the case will be dismissed, but I might lose some rights. In addition, if I answer the summons then a hearing will be set and it will be on the record.

Response: Once the property is auctioned off, the purchaser of the property (usually the servicer itself) will become the new landlord and you will become a holdover tenant that is residing at the premised property after the expiration of the “so called” lease. In order to get you evicted, the landlord must follow the same protocol as you would follow in getting rid of a non-paying tenant, thus, commencing a landlord/tenant action against you. You can answer the summons. You can appear in court and you may acquire a few additional months living at the premises. However, it may be your best bet to surrender the keys to the property to the bank in exchange for cash. You can even try to negotiate the amount and the date of your departure.

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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Is It Possible To Reverse Foreclosure Sale?

Question: I spoke to my bank informing them that I was in the process of getting money from my pension plan to pay arrears and avoid the foreclosure sale of my home. I was told to keep them posted as to when I would have the funds available, meanwhile the foreclosure sale was postponed (that was a couple of weeks ago). I called my bank today to give them an update and I was told my home was auctioned off last week. What can I do? Do I have any legal claims against the bank?

Response: Unfortunately, once the property had been auctioned off, it is very difficult to reverse the process. You would definitely need an attorney to bring an Order to Show Cause to Vacate Judgment of Foreclosure and Sale with only a slim chance of being successful. It is possible that the bank marked the foreclosure sale postponed in their system by a couple of weeks but the attorneys for the bank might not have been notified or went ahead with the foreclosure sale anyway. You can contact the attorneys and see if they will allow you to reinstate the loan at this point, which may depend if the property was purchased by the bank itself or a 3rd party. Sadly, you are in a tough situation here.

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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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.

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

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.

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