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Kristy Anne Hernandez

Kristy Hernandez’s Answers

116 total


  • House gifted to me . bank allowed me to resume the loan .. but give me no modification..or allowed me to get home insurance

    2007 dennis passed we have 3 kids togeather .. i live on social security ,, which is for kids . when my son turned 18 i lost 600 hundred dollars which now is 1800 monthly income ..bank knows im drowning .. all they do for me is split payments th...

    Kristy’s Answer

    Hello, I am sorry to hear about this problem. Income is the most important factor in determining whether a lender will give you a home loan modification. To figure out if I can help, I will need to know more about your circumstances. I will need to know who your lender is, the monthly payment, what's the current interest rate, and is their equity in your home. All of these factors make a difference. I would be happy to give you a free one hour consultation if you'd like to meet wiht me. You can call my Citrus Heights office at 916-728-1500 to make an appointment. Hope I can help!

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  • RE: EMERGENCY FORECLOSURE in FREMONT, CA

    So the Continuance is asked to lender-in writing as well as verbally? Any special wording necessary?

    Kristy’s Answer

    There is no particular legal language needed. Just make sure that you save the fax confirmation proving that the lender received your request. It is very common for the lender to not confirm that a foreclosure has been postponed until the day before the foreclosure is set. Make sure to be persistent and call the lender every day and have a back-up plan (like bankruptcy) in place to stop the foreclosure if the lender denies the request for continuance.

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  • CA Foreclosure question EMERGENCY

    Brother's home is in foreclosure. Trustee sale date for Oct 9, and we are talking to mortgage co in AM to see what can be done to avoid sale. Want to KEEP home. Has HIGH equity to loan amt. We are also talking to HUD agencies to see what fore...

    Kristy’s Answer

    It is possible to get a foreclosure postponed through an emergency bankruptcy filing. My office (located in Newark near you) does a lot of foreclosure postponement work. Normally we try to negotiate directly wihtt he executive office of the bank to get the sale date postponed without needing a bankruptcy case. However, if you cannot ge the bank to agree to the postponement voluntarily, then the bankruptcy is your best bet. If you need assistance negotiating the postponement or need bankruptcy help, please feel free to set up a free consult by calling 510-456-7400. Good luck!

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  • Does an illegal foreclosure sale extinguish the loan?

    Bank forecloses on house. Trustee sells and bank gets the house. Down the line (2-3 months), a court of competent jurisdiction says the sale was improper due to intentionally wrongful act of the bank and that the (former) owner gets title back ...

    Kristy’s Answer

    Generally in this scenario I see the lender overturn the foreclosure and reinstate the loan. This happens more often than you'd think. The foreclosure can be undone because there is no bona fide purchaser at the foreclosure aution. If the property had not reverted back to the bank and a BFP purchased the property, then the transaction could not be overturned.

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  • What is "Notice of Trustee's Sale"?

    My husband and I (along w/our children) have been renting a home for 4.5 years and received a Notice of Trustee's Sale on our door a few weeks back. Does this mean that the home is in foreclosure? Do we continue to pay the landlord rent? What shou...

    Kristy’s Answer

    This means that the home will be foreclosure on as of the date provided in that notice. Normally, a foreclosure autcion will take place within 30 days of receiving the Notice of Trustee Sale.

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  • EMERGENCY: STOP FORECLOSURE QUESTIONS... HELP PLEASE!

    Still trying to help my brother keep his home from being sold at Trustee Sale date Oct. 9th! He does NOT want to lose his home of 24 yrs. He only has til Tues Oct. 2nd for any solution to STOP the sale from going through, right? He is 10mt...

    Kristy’s Answer

    My office frequently assists clients in working with their lender to negotiate a foreclosure postponement without needing to file for bankruptcy protection. Normally, I submit a demand to the executive office of the lender as part of the loan modification effort to do this. You can always resort to bankruptcy, but may want to try this method first. Feel free to call my office for a free phone appointment if you want to discuss this option at 510-456-7400.

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  • Evicting sellers after a short sale

    My wife and I are in the process of purchasing a short sale residential house that we plan to move into immediately. The scheduled closing date is in one week but the sellers are refusing to move out until the following week. We do not want to ext...

    Kristy’s Answer

    You should be concerned. Once you own a home and allow someone to live their under your ownership, you are responsible for evicting them if they fail to move out when they are supposed to. Unfortunately, there are no short cuts to eviction. If you have to evict them, you can expect the process to take a minimum of a month and longer if they drag on the process.

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  • Can real estate lawyers also help on a mortgage loan modification? or is it a scam?

    we were denied for a mortgage loan modification filled with wells fargo bank which. This is the second mortgage os an our home from a equilty credit line which we owe about 200,000 while on the 1st mortgage is with B of A and nearly paid off. We a...

    Kristy’s Answer

    Our office frequently negotiates foreclosure sale postponements with Wells Fargo when we are actively working on a loan modification. Filing bankruptcy again should be a back-up plan only if your attorney is unable to get the bank to agree to postpone the sale. Home equity lines of creidt are often easier to modify becasue they are in second position on the property. Becasue loan modification is based on your income and assets, I would need a few more details to give you comprehensive advice on your chance of loan modification success, but it is possible to get a loan modification even after having been denied. If you would like to come in for a free consultation to discuss options, I'd be happy to meet with you. Please feel free to check out my law firm at www.hlawinc.com.

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  • Is accepting a modified mortgage loan considered reaffirmation of the loan?

    My mortgages were discharged from a recent chapter 7 bankruptcy. After months of battling with my lender, they finally offered me a permanent loan modification where the terms were changed to a lower interest rate and a shorter term. All the unpai...

    Kristy’s Answer

     When a lender makes a loan modification, they are simply changing the terms of an existing loan. It does not create a new contract or reaffirm your debt. If you stop paying the mortgage, then the lender retains the right to foreclose on you. Whether they can come after you to collect any money depends a lot on the modified loan that you have but generally, California is a one-action state. This means that a lender that forecloses cannot also sue you later to collect money. They only get to take one action against you-- the foreclosure. If this home is your primary residence, the mortgage debt forgiveness act does apply.

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  • Forgiven debt counted as income?

    I have negotiated a payoff for my second mortgage and they told me the difference will count as income and they will file a 1099 form for it. In 2012, this is the last year for the mortgage debt relief program. since i am paying off the settlement...

    Kristy’s Answer

    The Mortgage Relief Indebtedness Act of 2009 only applies to people that have a short sale or foreclosure. You likely will have to report that 1099 as income on your taxes. However, that does not necessarily mean that you will have to pay taxes on it. If you are legally insolvent in the year that you have cancelled debt, then you generally do not pay taxes on that debt. Also, if you have a prior bankruptcy, that may prevent you from tax liability. A CPA can review your overall financial situation to determine if you are insolvent. If you do not have a CPA IRS Publication 4681 is an excellent resource that explains insolvency, and it is available for free online.

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