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Some people decide to file for bankruptcy as a way to avoid losing their home when it is danger of being foreclosed. However, even when the borrower files for bankruptcy, he or she still has to find the money to cover the mortgage payments.
→ Read MoreForeclosure laws vary from state to state. In some states, a lender may foreclose without going to court (these are called a “power of sale,” “foreclosure by advertisement,” or “trustee sale” states); some require court action (these are often referred to as judicial foreclosure states).
→ Read MoreThe down turned economy has left many Americans facing foreclosure of their home – including New Yorkers. But what does the term “foreclosure” really mean? Our New York legal expert explains what it means, the best way to deal with it, how long you can stay in your home and offers advice on how to beat foreclosure.
→ Read MoreBuying a property at a foreclosure auction can result in a good deal or even a bargain, but it’s not for amateurs. There are many pitfalls for buyers to beware of as well as some advantages.
→ Read MoreWhen a borrower is forgiven a certain amount of debt by a lender, the amount that is forgiven may be considered as income by the Internal Revenue Service.
→ Read MoreThe length of time you will be allowed to remain in the home after a foreclosure varies from state to state. However, no matter the jurisdiction, legally speaking, you do not have to move out immediately after receiving notification of a foreclosure. You may remain in the home until you receive notification of the sheriff’s sale. The notice will include the date and time of the sale.
→ Read MoreIf you retain an attorney to defend a foreclosure lawsuit, the case may be tied up in court for years. This puts pressure on the financial institutions to reconsider the lawsuit and discuss reasonable loan modifications or forbearance agreements.
→ Read MoreSome states have anti-deficiency laws that protect purchasers of residential real property used as his/her primary residence in accordance with a “purchase money mortgage.” In the event that the purchaser fails to make the mortgage payment and the property is foreclosed upon and sold to pay the mortgage, a deficiency between the sale price and the outstanding balance of the mortgage could occur.
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