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John P Fazzio III
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John Fazzio’s Answers

1,057 total


  • Sheriff Sale

    What happens if a house doesn't sell at a sheriff sale? Does that ever happen? Does the bank then get the house? What if there are other liens on the property?

    John’s Answer

    If no one bids on a property up for Sheriff's Sale, the bank can reclaim the Title for a dollar, and in certain cases must also address the other liens to do so.

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  • Once the association starts the "eviction" process for us being under 55 how long will I have to move. Extra time due to health?

    I moved to my grandmothers home a few years ago in a 55+ community to help care for her. After her passing my mother (her daughter) moved in the house with my while we worked out the details of the estate. We were unaware that my grandmother had a...

    John’s Answer

    The bank foreclosure and the Condo Association action are two different animals. Your health is a big factor that may afford you the opportunity to get additional time in the home and can also be a changed circumstances justifying a favorable modification review by the Lender/Servicer.

    The Condo suit will come down to By-Laws and Association rules and there will be specific rules about taking over a parent or relatives unit and when that can happen and when it cannot. You need to bring the relevant documents to a NJ Foreclosure and Condo Lawyer who can analyze them and tell you what defenses you may have and which legal theories may have the greatest chance of success. However, always be careful litigating against a condominium association because you will often be accountable for paying for their legal fees, making a reasoned negotiation much more advisable.

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  • What takes a longer time frame to execute? A foreclosure or a deed in lieu to surrender your home?

    I have been turned down for a loan modification , the mortgage company wants to proceed with a foreclosure or a deed in lieu to surrender your home. Which option takes longer and are there any options left? Thank you

    John’s Answer

    You may still qualify for a loan modification. A foreclosure attorney who knows what they are doing may be able to appeal the modification denial, re-submit and prosecute the modification application through the Servicer properly--and get you a modification. Many of the attorneys who practice in this area have loan software to check the bank's work and which can be presented to show them that a modification is viable. There are many chances to get a modification left without filing Bankruptcy.

    Of course, a Ch. 13 Bankruptcy is an option, depending on how far behind you are. The Bankruptcy modification program is helpful. But, you should first apply to the NJ Foreclosure Mediation Program in State Court, which can be done by way of Motion to the Chancery Court judge.

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  • Do I have to submit Loss Mitigation application if I am not attending settlement conference?

    Not attending settlement conference for foreclosure in NYS. Received loss mitigation application in March from mortgage co. lawyers.. Just received another letter from lawyer requesting documents back.

    John’s Answer

    If you want a modification, you need to submit your full loss mitigation application. I am not sure why you are not attending the Settlement Conference, which sounds like a big mistake. I am not sure if you have an attorney, but if not, you may want to find a local foreclosure attorney to assist you with this matter.

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  • How find an atty for wrongful FC suit in NY Southern District that can use my base complaint, loan audit/affidavit for damages

    Post Sheriff Sale nearing Foreclosure. Have Base complaint with Audit and affidavit from CFLA to file wrongful FC in NY Southern District. Home is in Oregon. Must file in NY Federal Southern District. Please recommend an attorney able to file th...

    John’s Answer

    It sounds like you have already filed a Complaint in Federal court. If you have done that, you are probably getting tired of hearing this, but it is worth repeating because it is the truth. It is not possible to handle your own wrongful foreclosure case in Federal Court. If you have already filed a Complaint and started the case on your own, any attorney coming in after that point is stuck with what you have filed and the manner in which you've set up the claims. In all likelihood you've lost before you've begun. For one thing, the home is in Oregon so a very serious standing challenge and Forum Non Conveniens challenge would be expected. I suppose that you are trying to file in New York because the loan pool is in New York. Going into all of the whys and wherefors and the details is probably not possible in this format. Suffice it to say that you needed to have someone on board to do this work very soon after missing payments, and to coordinate efforts on the actual foreclosure with any affirmative case you are mounting.

    Most likely you have valid grievances and have been terribly wronged. And, while saying it is "impossible" may be too strong, it is "nearly impossible" to represent yourself adequately in matters this complex. So, yes, you should still look for a lawyer admitted in the Southern District. But, it is also probably too late to raise these issues. Moreover, there is a danger that you will face an Entire Controversy Doctrine challenge because many of the claims could have or should have been raised in the original action.

    All you need to do is search for a New York Foreclosure Attorney. Many of us are admitted in the Southern District. Those of us who are generally state this on our Avvo pages or mention cases we've handled in Federal Court. That being said, I am not sure from what you've said whether someone is going to be able to jump in at this stage and prevail in any meaningful way with where you are procedurally.

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  • What policy or law in New York for having to leave home of a foreclosure home

    My parents own the home I live in, its in foreclosure, there has been no sale date set, know its coming. My parents do not live in home, myself, husband and our children but didn't know how works. I live in state of New York, question is can they ...

    John’s Answer

    I agree with Mr. Kizner. There are basically three (3) steps in a New York foreclosure eviction. 1--the foreclosure sale occurs and the property is deeded to the bank; 2--the bank serves you with a 10-day notice, which is your grace period to vacate voluntarily; and 3--the bank takes you to Landlord/Tenant Court to evict you, gets a Warrant of Possession, and then serves a 72-hour notice, after which the Sheriff will eventually actually show up at the door to evict.

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  • In an OIC that an offered amount is established, does the monthly payments get deducted from the offerred amount?

    Working with IRS on a OIC. I have made payments so far for $14k. The offer amount is $26k. If offer gets accepted, does the amount I already paid get deducted from that total offered amount?

    John’s Answer

    Mr. Pearlman is right. You do not need to propose a monthly payment Offer, and if you wait for acceptance/rejection, then you will get an Answer and have to pay the Lump Sum at the end. But, since you chose the periodic payment option, you are stuck with making the payments whether the Offer is accepted or not. As he points out, the instructions stat that, "You must continue to make these monthly payments while the IRS is considering the offer (waived if you are an individual or sole proprietorship and met the requirements for Low Income Certification). Failure to make regular monthly payments will cause your offer to be returned with no appeal rights." See Form 656 page 3.

    For this reason, tax practitioners usually do not choose this type of Offer payment schedule.

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  • Foreclosure

    House is in foreclosure. Just received a loss mitigation packet from my lender's servicer.. Does it make any sense to complete the paper work?

    John’s Answer

    It always makes sense to complete this paperwork. A modification package yields many benefits. First, you may qualify for a modification. If not, a short sale or deed-in-lieu might be more advantageous than a straight foreclosure. Second, the loss mitigation process will provide additional time and flexibility. Third, the loss mitigation process will open a dialogue with the lender so you are not caught by surprise. It is helpful to seek legal counsel --a Foreclosure Defense Attorney-- if a lawsuit is underway, depending on your goals, as you have a lot of rights and many opportunities to rectify the situation and your odds of success will be increased with professional help.

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  • What happens to the surplus funds after foreclosure auction?

    If a property is sold for more than the lien in a foreclosure auction. Who gets the surplus monies collected post closing? Does it go back to bank or is disbursed to the defendant?

    John’s Answer

    All of the answers are correct, but frequently, you will need to make an application for an accounting and for receipt of the surplus funds, or they will sit in an escrow account for additional costs and may not be distributed. Of course, there will be no surplus funds if the bank merely buys the property back to satisfy its lien, in which case a Fair Market Value Analysis must be conducted to determine the amount of surplus funds sue the homeowner.

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  • Is my mortgage monthly rate going to go up if I file for an estate? How can I file the form 1098 during the tax season?

    My name is Artan. I live in Saint Louis, MO with my little daughter. In December 2014 I lost my wife from the ovarian cancer. In 2007 we bought a home, but because of my credit (at that time I didn't have any credit) the loan went under my ...

    John’s Answer

    As Mr. Miller states, this is a complex situation and you should hire an attorney to assist you. After you probate the estate and distribute the assets, you will have an opportunity to do an Assignment and Assumption Modification of the loan. You will need a local Foreclosure Defense attorney.

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