Legal Blog of Attorney Svetlana Kaplun

Is Bankruptcy an Option for Tax Consequences from a Short Sale?

2016-06-26T07:45:00.003-07:00

Question: My bank approved a short sale of my house. The difference between the sale price and the balance on my mortgage is $20,000. Will I owe income taxes on the difference? If I file for bankruptcy, will it make any difference?

Response: If you file a bankruptcy, your personal liability on the loan is discharged. However, if the property was your primary residence, there are laws in place to help avoid tax consequences. First, speak to your accountant and see if you need to consider a bankruptcy. Tax liability on $20,000 might be minimal, or it could be completely avoided. Bankruptcy should be your last resort and it may be easily avoided.

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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Mortgage Company that Bought my Loan is Threatening Foreclosure, although my Payments were Up-to-Date with Previous Company

2016-06-26T07:42:00.001-07:00

Question: I have a mortgage with a loan service company, which back in 2012 purchased my loan from another mortgage company. The original mortgage company received two loan payments from me, cashed my checks electronically, however they were not applied to my loan. The new loan service company is claiming I am two months behind. Since the original mortgage company cashed my checks electronically neither I nor my bank have cancelled check copies to prove payment. I am unable to get any statements from the original mortgage company, and the loan service company refuses to accept copies of my bank statement which shows payments were made. I also included carbon copies of my checks that were sent. The loan service company is threatening foreclosure even though the payments were made.

Response: Try filing a complaint with your state’s financial agency and in your complaint, explain what transpired and then include copies of your bank statements with circled withdrawals as your exhibits. This way the file gets escalated and someone at the loan service company will be required to pay attention to what you are saying.

Is It Possible To Get the Home Back After It Was Sold In a Foreclosure Auction?

2016-03-25T09:00:00.002-07:00

Question: My home was foreclosed on and the bank sold it at a foreclosure auction. Would it be possible for me to get my home back if we paid the bank the missed payments?

Response: Once the house was already sold, it is very difficult to reverse the foreclosure sale. If the bank is the one that purchased the property, you may be able to buy the property from the bank. It is, however, very unlikely that the bank will be willing to accept funds from you now to reinstate the loan. That option only works before the foreclosure sale takes place. Unless you can somehow bring an Order to Show Cause with the court to show that the case was somehow defective where the judge will reverse the foreclosure sale, unfortunately, you have no other recourse.

I Was Never Served Foreclosure Sale Notice, Can I Stop the Foreclosure Sale?

2016-03-25T08:57:00.002-07:00

Question: My property is being put up for foreclosure auction in the next month and I was never served official paper by an agent of the law. What recourse do I have in stopping this action?

Response: I am not sure what you mean by agent of the law. You have to be mailed the Notice of Sale and the attorneys for the Plaintiff must file the Affidavit of Service with the court (within 10 days of the sale). If that wasn’t done, you can bring an Order to Show Cause to show the judge that service of the Notice of Sale or any other foreclosure-related motions were defective and that the foreclosure sale should be cancelled. The Judge is likely to stop the foreclosure sale but then the bank will re-serve the papers properly and the foreclosure sale will take place a few months later.

Doing a Short Sale on a Property that Has an Order to be Foreclosed On

2016-01-15T11:50:00.000-08:00

Question: If a property has an order to be foreclosed on, can the owner still do a short sale?

Response: Essentially, the answer is yes but only if the bank agrees to put foreclosure on hold and the only way they will likely do that is if you send a contract of sale and a listing agreement. Once the bank receives it and starts reviewing it, they will then ask for additional documents but in the meantime, that is a way to stop 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.

Options Other than Bankruptcy for Someone Who Can’t Afford their Property and Doesn’t Want to Keep It

2016-01-15T11:45:00.000-08:00

Question: I want to know what the options are for someone who is considering filing for bankruptcy. I can’t afford the condo special assessments or the association fees. I am considering bankruptcy and concede that I will probably lose the condo. I understand that if I don’t pay the assessments or the fees I could be evicted. Would that be better or worse for me? I really want to know what options I have to turn this situation around. Is bankruptcy my only option? I have two loans on the condo. Any other options for someone who can’t afford their place and doesn’t really want to keep it?

Response: You can try to sell the property. Even if it’s a short sale, it is better than foreclosure or bankruptcy. In my opinion, bankruptcy should always be the last resort. If for example, foreclosure takes place and the bank is suing the person for deficiency, then bankruptcy is the way to go to get rid of the debt. HOA can’t evict an owner of the apartment (this is not a rental); they have to bring a foreclosure action, which can be quite lengthy in New York.

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.

I Signed the Deed over to my Spouse to Avoid Foreclosure, Lost the Home Ownership and Remained on the Mortgage

2015-11-26T10:13:00.001-08:00

Question: My house was going into foreclosure and I signed the deed to the house in lieu of foreclosure over to my wife. My wife has not lived in the house for 8 years. She was told by the court to sell the house, but instead somehow refinanced it for 44 years without telling me about it. She would not take my name off the original mortgage. Do I have the right to sell the house or any other rights? I don’t have the money to fight this anymore, please help!

Response: When you signed the deed over to your wife, you gave ownership of the house to her. It did not change the mortgage obligation you originally had. That’s why a quit claim deed was a must for your wife to modify the loan without your signature. At this point, you have no rights to the ownership of the house and cannot sell the property. The only way she can take your name off the mortgage is by refinancing the loan but since people in foreclosure have poor credit history, no lender will give her a loan and that’s why modification becomes the only option. It is very likely that your wife wanted to remove you from the loan just as badly as you wanted it but that’s not an option. Your wife did nothing wrong and if I were you, I would not invest money into fighting this. As long as the mortgage will be getting paid now, you will not be affected.

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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Deed-in-Lieu of Foreclosure for Seniors Overwhelmed with Home Payments

2015-11-26T10:10:00.000-08:00

Question: We are seniors, living on a pension. We had our home on the market for over 3 years and we were unable to sell it. We can no longer keep up with the home payments and we need to go live with our son for health reasons. We were told that we can sign the deed to our home over to our lender. What would happen if we did that?

Response: If you have a clean title, you can do a deed-in lieu of foreclosure where the lender takes the deed to your house and you walk away mortgage-free. The only caveat is the potential tax consequences but if it’s your primary residence, there may be none. You would need to consult with your accountant. This depends on the amount of your mortgage in comparison to the value of your home and whether the lender has to forgive a lot of your mortgage debt. More likely than not, you will not face any tax consequences, especially since you are retired. It is a much better option than letting the bank foreclose on your property.

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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I Paid Off My Mortgage in Full, Why Does Foreclosure Show Up on My Credit Report?

2015-10-18T18:27:00.001-07:00

Question: Foreclosure proceeding were started on my house back in 2010. During these foreclosure proceedings, I was able to secure the funding to pay off the mortgage in full. This of course stopped the foreclosure proceedings. Can the mortgage company still put the foreclosure on my credit report? I am asking because I noticed it on my credit report recently.

Response: For the months that you did not pay and that you were in foreclosure, the lender reported you as delinquent. Once you become current or the loan is paid off, they have to notify the credit bureau of the updated situation. If they still report you as delinquent, you have to notify the three major credit bureaus of the error so can fix it.

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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I Purchased a Foreclosed Home Full of Problems, What Can I Do Now?

2015-10-18T18:25:00.001-07:00

Question: I recently purchased a foreclosure in New York. The inspection did not note any major issues. Now the home is having issues that I can't afford to deal with, mainly concerning rodents in the attic and the ducts. Altogether I can’t afford to pay for my mortgage and the repairs. What's worse is, I can't cool my home on really hot summer days and I am suspicious that the contaminated ducts are making myself and my child sick. What can I do?

Response: Since you are now the owner of the previously foreclosed property, you can now only sell it to get rid of the property. You can’t reverse the foreclosure sale. You bought the property as is. That’s the disadvantage of buying foreclosures. You don’t truly know what you are getting yourself into.

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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The Area I Live in is No Longer Safe, How Can I Walk Away from my Underwater Home?

2015-09-20T21:05:00.000-07:00

Question: My house is under water by over $100,000. I don’t have a second home and I have just been discharged from Chapter 13 Bankruptcy. The area I live in is no longer safe. What would happen if I walked away from my home? Could I ever purchase another house?

Response: If you walk away now, the bank will initiate a foreclosure action against you and will take away the property unless you try to fight it. Foreclosure will negatively affect your credit score which in turn dictates when and if you can get another mortgage. Eventually your credit will heal and you will be able to get another loan but it may be quite a while from now. I would definitely recommend avoiding foreclosure and recommend doing a short sale, which will impact your credit a lot less and you will still be able to walk away from the “underwater” property.

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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How Can I Check if my Home was Sold at Foreclosure Auction and What Can I Do to Keep It?

2015-09-20T21:03:00.000-07:00

Question: I own a home in the state of New York. The bank had a foreclosure auction at the court house and no one purchased the home. I expected to get a notice on my door to move out, but it has been 5 months since the foreclosure auction and nothing happened. I was told me to go to the county clerk’s office and see if the bank filed a new deed. I checked yesterday and the bank has yet to record a new deed and take ownership of the house. Something might be wrong. I would like to keep the house if possible. What can I do?

Response: It sounds like the foreclosure auction did not take place. You can check via e-courts, an electronic New York State court database, the notation next to the scheduled foreclosure auction date. If it says ANH (Auction Not Held), you will know for sure. If it says auction held, you can check with the Plaintiff’s attorney. If it’s been 5 months, it’s more likely than not that foreclosure auction did not occur. Once the foreclosure sale takes place, you become a holdover tenant and the owner must file an eviction proceeding, same as in Landlord tenant cases. Most of the time, it is the lender that owns your loan that purchases the property. In the meantime, if foreclosure did not take place, you can: (1) apply for a loan modification, which usually leads servicers to stop the sale at their own initiative to conduct a review; (2) file an Order to Show Cause to stop the foreclosure sale; (3) file bankruptcy, which will immediately stop the foreclosure sale even if it’s the day of the foreclosure 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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Is the Bank Attempting to Claim an Interest in my Property by Paying Water and Property Insurance Bills After a Failed Foreclosure?

2015-08-24T22:01:00.001-07:00

Question: A New York State Supreme Court Judge removed the notice of pendency, determined that the bank does not to have standing in the foreclosure matter and dismissed the bank’s foreclosure efforts after I submitted my motion to dismiss. However, after the judge made her ruling the bank began to pay the DEP/ NYC Water Board and New York Property Insurance bills eight years after the purchase of the house. (All of the papers are in my name, as well as, payment agreements and contracts state that I have not missed any payments or breached the agreements.) It appears that the bank is attempting to claim an interest in my property, even after the judge has determined they are not the Rightful Holder in Due Course of my Promissory Note. What is the best course of action to take in order to regain control of my property’s bills and interest?

Response: Your problem should be analyzed in several steps. First, by winning a Motion to Dismiss, your foreclosure case got thrown out, most likely without prejudice, which means, the bank can start the foreclosure process again. In New York, the bank has 6 years from the date of default to pursue its rights in foreclosure. The bank can also appeal the Supreme Court Judge’s decision. Most of the time, banks try to fix their problems with assignment of mortgage and restart the case. Assuming you got the case dismissed with prejudice and the bank can’t restart its foreclosure action, the bank can still sue you on the money you borrowed under the note as unsecure debt, where the bank can’t foreclose but can likely get a judgment against you and record it as a lien against your property. Taxes and insurance are often escrowed when you have a mortgage but the New York City water bill is not part of your escrow. What happens is that when you stop paying your New York City water bill, you owe money to the government and government always trumps bank’s interest in terms of foreclosing on the property. When New York City forecloses on the water bill, it is known as the tax lien sale. Banks, in order to preserve their position in the property, will pay the water bill to ensure that the New York City Water Board does not foreclose and cut the bank off. You can pay your water bill yourself to avoid a tax lien sale and thus avoid the bank having to pay it. That amount then becomes part of your escrow shortage and is split over your monthly payment. It doesn’t affect the court’s ruling regarding dismissal.

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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Are We Still Responsible for HOA Dues and Insurance When our Home Goes to Foreclosure?

2015-08-24T21:58:00.001-07:00

Question: We moved out 5 years ago when the home was discharged in Chapter 7 Bankruptcy. There were no bids at foreclosure so the bank bought it back for $100. We still pay Homeowner Association (HOA) dues and insurance on the property in case someone wanders onto the land, gets hurt and wants to sue us. My question is are we still on the deed and therefore still responsible for HOA dues and insurance? Even though the Chapter 7 Bankruptcy was discharged 5 years ago, the bank just put the home up for foreclosure three months ago. We were still on the deed so we were responsible for the dues and keeping up insurance. The bank paid for taxes. Now that the home went to foreclosure and the bank did not get any bids except their own $100, are we still responsible for dues and insurance?

Response: No, once the property is sold at foreclosure auction, the bank gets a referee’s deed so you are no longer on the deed and are not responsible for paying maintenance or HOA.

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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Deciding between a Short Sale or Foreclosure on my Home

2015-08-02T10:32:00.000-07:00

Question: I am trying to decide between a short sale or foreclosure on my home. On average how long will my house stay vacant during the foreclosure process? I am leaning toward a quick short sale only because I don’t want to board up my house.

Response: Regardless of the duration of foreclosure, you should always try to do a short sale rather than allow the property to get auctioned off, which negatively affects your credit and keeps you on the hook for the deficiency. Foreclosure in New York, especially if contested, can take several years. Short sale can also be a lengthy process but besides potentially going away with monetary incentives, short sales in general are much better than the actual 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 © 2015 Law Office of Svetlana Kaplun, P.C.

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How to Reinstate a Delinquent Mortgage on a Foreclosed Property?

2015-08-02T10:29:00.002-07:00

Question: I got a foreclosure notice with a specific reinstatement amount. The bank sent me an invoice and I paid that along with my enclosed letter stating that at this point I paid a full payment that the bank requested. I called the bank to verify that they received the funds and they said they did and would credit my account. They then called me back and said I'm still in foreclosure and I owe more money. What are my options?

Response: Once your case is referred to foreclosure, in order to reinstate the loan, you must get an official reinstatement letter from the bank’s attorneys that would also reflect attorney’s fees and costs. If you only paid the amount on the bill, that amount may not be sufficient to fully reinstate the loan as there may be some additional fees and costs that were not fully reflected on the statement. Request an official reinstatement letter. See how much you owe. If it’s a small amount, then you can probably pay it and get out of foreclosure. If the bank is still requesting a similar or higher amount to what you already paid, they probably bounced the check that you sent because technically you can’t just pay what you owe without going through the official reinstatement process that is described on the reinstatement letter, usually requesting you to wire the money. I think you are close to rectifying your situation and should be getting out of foreclosure shortly.

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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What Can Go Wrong if I Sign a Loan Modification Agreement without a Proper Review?

2015-07-05T13:53:00.001-07:00

Question: I purchased my home in 2007. I lost my job in 2009 and did loan modification on my home. The loan modification got finalized with my bank in June 2013. They could never get the docs right and I had to sign twice. My credit history was damaged because it looked like I didn't make any payments for all these years. Now they are sending over a representative to have me re-sign these documents years later due to their mistake. I have not signed as of yet as I have a lot things going on, but they are threatening to foreclose on my home. I made all my payments and I am not behind. Should I hire a lawyer? I feel like I am being harassed.

Response: Have you seen the new loan modification agreement? What kind of mistake? When you signed the original loan modification, there may have been a part to the loan modification agreement regarding errors and omissions and if you signed that, then you agreed to future changes. You may need to get an attorney to see if the claimed mistake is harmful or beneficial to you. Unfortunately, as far as your credit is concerned, before the loan is current via permanent loan modification, you are considered to be in delinquent, hence, the negative credit reporting.

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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How Can I Catch Up on My Delinquent Mortgage?

2015-07-05T13:51:00.000-07:00

Question: I am several months behind on my mortgage. Can a bank foreclose on me if I make one complete mortgage payment a month and try to catch up little by little? Also, what if I can pay the principle and interest but not the taxes and insurance that are lumped into my loan payment?

Response: Generally, after you missed a full payment, the bank can send you Notice of Intent to Accelerate the loan or 90-Day Demand letter with the date by which the payment is due. The bank cannot commence its foreclosure action for at least 90 days following such letter. Most banks will not send it right away, so foreclosure will not typically begin for longer than 90 days. If you enter into an official repayment plan with your bank, then they will not commence foreclosure but if it’s just your plan to gradually pay the servicer bank, the servicer may still refer you to foreclosure. I would definitely recommend contacting your bank because there are numerous options that could be explored that could help you avoid foreclosure (loan modification, repayment plan, forbearance plan, etc.). As for the 2nd question, your taxes and insurance are part of your monthly mortgage payment so by not paying your escrow, your payment is less than full and may be placed in a suspense account; then, once there is enough money in suspense, then it is applied towards the missed payment but late fees and penalties will continue to accrue on the loan. If there is just an escrow shortage (as opposed to intentionally not paying escrow), then the servicer can divide the payment over a number of months, usually 12 to become current.

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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Repercussions of Walking Away from Underwater Home

2015-06-04T17:44:00.001-07:00

Question: What are the repercussions if I walk away from my home for which I owe more than the home is worth?

Response: The main repercussion, other than ruined credit score, is that the bank go after you for the deficiency judgment, the difference between what you owe and what the bank gets at the auction during the foreclosure sale. Many banks don’t file deficiency judgments but you should at least be aware that there is a likelihood of that happening, especially depending on where you live. I would definitely recommend the least harmful options, which include a short sale or a deed in lieu of foreclosure in order to avoid foreclosure.

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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Recourse for Homeowners Who Faced Foreclosure Due to Delinquency of Ex-Spouses

2015-06-04T17:42:00.000-07:00

Question: My ex-wife and I divorced in 2010. There was no property settlement. We own a house together but only my name is on the bank note, but both our names are on the deed. I moved out and she remained at the property. Mortgage was not being paid. The house was put up for a short sale and there is an offer, but title cannot be transferred because my ex-wife has debt and the debtors have attached liens to the property. She says she is broke and cannot satisfy those judgments and is planning to vacate the property. Do I have any recourse?

Response: If your ex-wife files bankruptcy, she may be able to get rid of the judgments against her that way. Otherwise, unless you find a buyer who is willing to pay off the liens or get permission from subordinate lienholders to sell the property for less than is owed, you may have some recourse. Otherwise, the bank may end up foreclosing on the property and you may need to do bankruptcy in case the bank later on chooses to go after you for deficiency judgment.

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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Mortgagee Rights when Balloon Payment is not Disclosed in Loan Modification Agreement

2015-05-18T20:16:00.001-07:00

Question: I am a mortgagee, who entered into a loan modification agreement and believed in all matters pertinent to it. After I made a couple of scheduled loan modification payments, the mortgagor disclosed to me an astronomical deferred interest amount I owe that was not disclosed in the loan modification agreement. The same mortgagor was also working with me on a cash for deed transaction and then all of a sudden I found out that the mortgagor sold the note to another company. What are my rights in this case?

Response: I would check the loan modification agreement to make sure that the deferred or balloon payment was truly not disclosed in the loan modification agreement. Balloon payment is a very common tool when modifying the loan because it helps decrease the monthly payment significantly and because most people are less concerned about 30-40 years from now (which in truth is the point of the balloon payment—to help people with the payment now). I have seen loan modifications where the specific balloon amount is not disclosed but I have not seen one where it would be omitted altogether. Most loan modification agreements have a balloon disclosure even if it’s not applicable so I would double check first. It is a very normal practice amongst servicers to sell the note so that it’s not shocking whatsoever. You can still negotiate the cash for deed if the new servicer provides such option.

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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Is my Investment in Property Secure after Homeowner on the Note Goes thru Bankruptcy and Foreclosure?

2015-05-05T13:43:00.001-07:00

Question: I am on the deed (but not the mortgage) of my son's house. The son is planning bankruptcy and foreclosure without consideration of doing a short sale of the property. I have informed him that the short sale is less damaging in the long run, but he is not listening. I was trying to help him by giving money to buy the house and put my name on the deed to insure I protected my investment, but I fear now with the bankruptcy and foreclosure or the short sale I will be jointly liable for the issues. What are our problems now with the upcoming bankruptcy and foreclosure?

Response: The only party responsible for payment after foreclosure is the party on the note, so if it’s your son, he would be the only one liable. If he will file for bankruptcy, then his personal obligation under the note will be discharged and he will no longer be responsible for the deficiency. Maybe he is doing a deed in lieu of foreclosure since foreclosure itself happens at the bank’s initiative, not the borrower’s. Of course you will lose your initial investment in the house if there is a foreclosure but do not worry about paying the bank back.

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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HOA would Rather Foreclose than Accept my Past Dues

2015-05-05T13:40:00.002-07:00

Question: I am being foreclosed on by the HOA for past dues. I tried to pay the dues, but the HOA will not accept my payment. Is this allowed? The foreclosure process is started and I am doing everything I can to make the payment and get caught up. Also, there are thousands of dollars in attorney fees that are being billed to me as well. If I get caught up on the HOA fees can they still foreclose based on the additional attorney fees?

Response: Foreclosure by HOA is tricky because HOA is typically more aggressive than the bank in their effort to foreclose. They prefer to get rid of an unpaying member as quickly as possible so they could get a paying member in. If you can’t reach some sort of a payment plan with HOA, it is likely that the Judge assigned to your case would try to let you work this out rather than allow foreclosure. Otherwise, you would have to pay in full, including attorneys’ fees and costs.

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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Stopping Foreclosure without Full Delinquent Amount

2015-04-28T20:13:00.001-07:00

Question: My property has been referred for foreclosure. Is there anything I can do to stop the foreclosure if don't have the full delinquent amount?

Response: Yes, you can try to apply for a loan modification, which would allow you to possibly lower the monthly payments without having to reinstate the arrears (typically arrears get added to the unpaid principal balance and that becomes the new principal balance). Modifying the loan is the most effective way of saving the property without having to reinstate it. Other alternatives require losing the property either via short sale or deeding the property to 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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Filing Bankruptcy to Delay Foreclosure Auction

2015-04-28T20:10:00.004-07:00

Question: My home will be going to foreclosure auction in a week or so. In my paperwork it states that lis pendens was filed. Can I file bankruptcy now? If I can, will it help slow down the foreclosure auction process?

Response: Yes, you can still file bankruptcy. Lis pendens is notice to the world that a party has an interest in the property, i.e. the bank is trying to foreclose. Lis pendens does not affect the filing of bankruptcy and by doing so, you will have 30 days of stay where the bank cannot foreclose and possibly longer if there will then be a subsequent delay by the bank to restore the auction.

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