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