Tag Archives: economy

Considering Foreclosure for my Underwater Home

Question: I am considering letting my underwater house go into foreclosure after not being able to reach an agreement with my mortgage holder. How long do I have before I have to leave my house and will they be able to put a lien on another home I just purchased? I have tried contacting the bank that originally underwrote my mortgage, but they refused to help me and sold my mortgage to another bank. I tried to unsuccessfully refinance my mortgage with that bank. My current bank says it will modify my loan, but never calls me back with the information.

Response: If your objective was to get a loan modification, try to modify it first. The banks are so overwhelmed with all the borrowers who defaulted on their mortgage payments, their response time can be quite slow. Be as aggressive as you can in reaching the bank at your own initiative if that is what you are interested in or hire a professional attorney who can help you with preparing the documents. Do not let the house go into foreclosure as it will affect you negatively in many different ways, from affecting your credit to a deficiency judgment. It is much better for borrowers and the bank alike if you do a short sale. With a properly negotiated short sale, you will not be responsible for the difference in the amount of debt owed to the bank and the short sale price (although there may be consequences with the IRS).

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

Advertisements

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun

Mortgage on my Foreclosed Home Remained Active in Error

Question: My investment property was foreclosed on ten years ago. The house had a first and second mortgages on it. The house was foreclosed on and sold, but the lender for the second mortgage was never notified that I no longer have the house and up to now, they were still reporting me with an active loan. The second mortgage company has now been informed and they are now reporting my loan as a charge off. How did the law office foreclose and sell my home with an active loan on it and not inform the second mortgage company? Do I have any recourse to go after the law firm that foreclosed on my investment property?

Response: A charge off is when the bank writes off a loan and usually ends up selling it to a collection agency. Loans generally get charged off when you haven’t paid in a while and there is no more equity in the home for the bank to go after. You can look at your foreclosure papers to notice if the 2nd mortgage holder was put on notice by checking if their address is mentioned there. If a mistake indeed occurred, then the first mortgagee would need to conduct a strict foreclosure, i.e., commencing another foreclosure action and serving only the unnamed defendant. Otherwise, the 1st bank does not have clear title to the property and would not be able to conduct a foreclosure sale. You should definitely write a letter to the three major credit bureaus, reporting a dispute of the reported information and sending them the supporting evidence.

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

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun

Can a Mortgage Become an Unsecured Instrument after a Bankruptcy Filing?

Question: I filed for bankruptcy a couple of years ago. Prior to that I asked for financial assistance on my home from my lender, who did not respond. When the bankruptcy was discharged, I again contacted my lender requesting to relinquish title in lieu of foreclosure. Still I got no response. I quit making payments on the property later that year. About a year later the lender contacted me. I asked again about title in lieu of payment and was told I would need to complete a financial statement. Since my financial health had improved since the bankruptcy, I declined. I have not heard from the lender in over a year except for delinquent payment notices. Can I be held liable for any property other than the secured property when the bank finally gets around to foreclosing?

Response: A mortgaged property is a secured property (mortgage itself is the security instrument). When you file for bankruptcy, a mortgage does not become unsecured unless there is not enough equity to preserve the bank’s interest. In that case, only that portion can become unsecured (ex: mortgage $300,000; fair market value=$240,000; unsecured amount=$60,000). By signing a mortgage document, you give the bank a right to go after your home if you default on your payments. When the property is unsecured, the creditor can still go after that amount but they cannot go after your property. So, if foreclosure takes place, the bank can essentially go after you for a deficiency judgment. Consider filling out that financial statement to do a deed-in-lieu of foreclosure or a short sale. What the bank looks for is affordability of mortgage payments. Just because your financial situation improved does not mean you can pay all of your arrears back and stay current on your payments. If the property is clear of any tenants, there is a chance that the bank would accept a deed-in-lieu of foreclosure.

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

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun

Mortgages Not Discharged by a Bankruptcy

Question: I have a question about bankruptcy. After filing for bankruptcy a few years ago, I thought my mortgages were discharged. I never heard from the bank except when they would inform me about how much I owe in order to catch up with my payments, but now I am in a desperate need to understand if and when the bank is going to proceed with a foreclosure. How long does it take for foreclosure to take affect?

Response: You should contact a bankruptcy attorney so he/she could answer your questions about whether your mortgages were or were not indeed discharged. If they were discharged, then the trustee will be the one to sell the properties to satisfy the mortgages (whether partially or fully). If they were not discharged, then you are responsible for the mortgage payments. Foreclosure these days takes a lot longer than it did in the past and can be a matter of months or years, depending on when you stopped making your mortgage payments, who the servicer is, as well as your intentions for the home. If you do not intend to keep the property and will not resist foreclosure, then it takes a shorter amount of time. However, waiting for foreclosure to take place is never advisable. If discharge of your mortgages did not take place, please consider looking into a short sale or a deed in lieu of foreclosure.

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

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun

Filing a “Pro Se” Motion to Have a Foreclosure Case Dismissed

Question: A foreclosure suit was filed against me in 2010. The home was sold through a short sale, with the involvement of the bank in late 2011. The price was within 90% of the mortgage amount and the bank waived any right to collect “shortages” in the suit they filed. When I checked with the court recently the suit is still active. Although there is nothing pending, no judge assigned, etc. What language would I use in a “pro se” motion to have the case dismissed?

Response: From your description, it appears that short sale took place approximately a year ago. At this point, the case is sitting in court without any activity. Because of the backlog of foreclosure cases, sometimes, it takes banks longer than generally anticipated to proceed with their action, or as is the case here, with the discontinuance. Once the property sells and the bank receives its proceeds (short sale cannot take place unless agreed by the bank), the foreclosure action must be discontinued and the bank will get to it sooner or later. If you wanted to bring a motion at your own initiative, you would have to be the one to file for the Request for Judicial Intervention (RJI), thus assigning a judge and then you could bring a motion. Alternatively, you could bring an Order to Show Cause to have the judge hear you out. Essentially, it would be a lot of time and effort on your part when the case is already closed.

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

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun

Can Loan Modification or Refinancing be Offered to the Estate of the Deceased?

Question: My husband is listed on the mortgage of our home only, he passed away a few years ago, the bank will not refinance or let me assume the responsibility for the mortgage. I am on the title, if I let the home go to foreclosure will I be responsible for any tax issues. My home is under water by a substantial amount. I tried refinancing with my current bank and other lenders, but was denied several times as the lenders said that I am not the original borrower on the loan.

Response: Situations like these are very tricky. Your deceased husband signed the contract (note and mortgage) with the bank, therefore, he was the one in privity of contract with the bank. You are not in privity of contract with the bank and you have no rights to sign a new agreement, whether it would be a refinancing or a loan modification. Only the borrower can sign the new contract. So far, I have only witnessed one bank offer a loan modification to the Estate of the Deceased. Generally, that is not the case. Some banks will consider an assumption where you take over the original terms of the loan but you have to show qualifying financials. This does not work if you have no income, i.e., your income has to support the mortgage and any arrears, if applicable. If you want to stay in the house, the best option is to continue making payments as before until the loan is paid off unless you are already in default and can no longer reinstate the mortgage. Finally, if the bank forecloses on the home, you, personally, would not be responsible for the deficiency. However, the bank may go after the estate and in a case like yours, it could affect you similarly. As of recently, many banks have stopped pursuing deficiency judgments because it is very hard to collect that money from people who don’t have much to begin with and lost their last assets. Whether they choose to pursue it or not, they do not waive that right.

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

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun

Should I still be Responsible for a Surrendered Property through Bankruptcy?

Question: I filed for bankruptcy over a year ago in New York State; all of my debts were discharged. I opted to surrender my home. I have not heard from my bank since before the bankruptcy filing. I was unaware that I still owned the property until earlier this year when I was cited by the city for code violations. I fixed the problems, but do not have the means to continue to care for this property. It is currently unlivable. I recently received a notice of tax sale from my county. Can I sell this property? Will the county take it at a later date and sell it for taxes owed? I have doubts that my bank will ever get around to taking claim of the house. I tried to do a short sale and received many offers which were all turned down by my bank. They repeatedly lost paperwork and misdirected my calls. Once the bankruptcy went through last year I stopped trying.

Response: If you surrendered the property through a bankruptcy, then maintenance is no longer your responsibility. Trustee is the one who disperses the assets and maybe there is a delay, but considering that you willingly surrendered the property, it should no longer be your concern.

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

Leave a comment

Filed under Legal Blog of Attorney Svetlana Kaplun