New York Foreclosures Legal Questions

You should not allow your house to be sold at foreclosure. You should file for chapter 7 bankruptcy and discharge the debt and remain in the house until the foreclosure sale and depending eviction that will occur afterwards. If you do not discharge the mortgage in a chapter 7 bankruptcy, the bank can come after you for the difference between what you owe on the mortgage and how much the house sold for at foreclosure. If they do not come after you they will give this amount to the IRS will tax you in that calendar year as if you actually made that money that year. Basically if the mortgage is 200,000 in the house is sold for 100,000, the IRS will tax you as if you made $100,000 for that year. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

As long as you have a valid lease in place, the new owner who purchases the property that your businesses and will need to honor that lease even after purchasing the property are foreclosure sale a foreclosure sale only affects the ownership of the property in question, the property is still under the obligation to honor any leases that were written for the property in good faith. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147... Read More

I would have to see the Loan documents you signed at closing, and see if there were a proper negotiation of the note within the trust according to the PSA, this must occur within 90 days of the start date of the trust. Its not a simple question you have since Banks always assert false assignments and fail to follow the rules of the PSA.... Read More

I assume you mean that you are in default on your mortgage and you are wondering when you can expect to be sued. I've had some clients that have been sued as little as 45 days after a default and some that have defaulted over 3 years ago and have yet to be sued.  Be advised that once you are in arrears your future payments may not be applied to reduce interest and payments, but may be held in a suspense account.... Read More

Lawyers can charge a "max" of whatever they can get a client to pay.  However, you need to answer the case to get on the list for a modification conference.  Your answer will be late, and a motion may be required to do it now.  The modification process is meant to be user friendly, and you do not need a lawyer.  I would charge only a few hundred dollars to get you started.... Read More