If a successful bidder at a foreclosure sale is stripped of the title because the sale is found to be invalid, how is he compensated?
A seller does not receive compensation when the sale is voided.See question
My landlord was served with foreclosure papers. Must I continue to pay him rent or wait to pay when the bank takes the property over?
You must continue to pay him rent for now. If you receive a note from a receiver or someone who has taken over the property rights, at that point, you will become a tenant of the bank. Whether that is something that either you or the bank want to do long term is a different question, and it may behoove you to look at options for moving. However, the foreclosure may take some time to run its course.See question
My parents had a modified mortgage & we're paying it. However my father stopped paying the association fees and shortly after he passed a man came to our house claiming he bought the house at a sheriffs sale. The mortgage company was never notifie...
The laws pertaining to Condo Association Fees are very harsh. The New Jersey Condominium Act, N.J.S.A. § 46:8B-1, et. seq. (the “Act”) makes Condo Liens a "super assessment" lien and the Courts will generally provide the Condominium Association with costs, penalties, and attorney's fees. The attorney's fees can add up to be many times the original value of the unpaid dues. The final assessment, including the attorney's fees, is not dischargeable in bankruptcy and they can collect from you virtually at will once they have a judgment.
Whatever happened with these two strange men saying they had something to do with the Sheriff and Judge, this will be a wholly separate issue that the condo dues or foreclosure. This sounds highly illegal. But, the situation as described is very convoluted and complex and no one is going to be able to give you any concrete advice without you at least meeting with them and bringing all the documentation with you.See question
According to a mortgage statement I found open in my hallway, as of August 2016, the loan is 1,323 days delinquent. The amount due as of September 2016 is $217,455. I don't want to be blindsided and have to vacate suddenly. In the case that the ba...
You should abide by the lease. It is legally binding against you. At some point, it is likely that a receiver will be appointed and/or the bank will re-take ownership of the property and become your new landlord. At that point they may take action to cancel the lease or pay for you to vacate. So be aware of an impending change, but don't assume it is coming anytime soon.See question
My brother is an Ivy League educated former bank VP, who has suffers from an undiagnosed mental breakdown and unacknowledged alcoholism (he hides it but his Ex informed me). He absolutely refuses intervention of any kind (several attempts made)...
Glenn and Patricia provided valuable insights here. I get the sense that this is an incredibly sensitive and nuanced situation. At the end of the day what will really stall the foreclosure is if there is a reasonable likelihood of your brother getting back on his feet and modifying the loan back to performing status or if you put the property up for sale and the amount owed is less than the $400K re-sale value. If the condo has already taken back ownership, then that option is also off the table. At a minimum, they are going to have trouble evicting him if he IS DIAGNOSED. Since he is not, that does not help you. That said, I don't think you have a reasonable chance of getting a result soon enough from a Guardianship Proceeding under the Mental Hygeine Law to make any difference with the eviction. It may be time for the family to intervene and meet with your brother and see to his well being whether he likes it or not. In this instance, it seems the writing is on the wall and the caring, loving and Christian thing to do will be to help him to make a transition and begin to get his act together. The legal avenues available at this stage are very limited if he does not take the first step and start improving his situation of his own accord.See question
My house is in the forclosure process. It's never need reaffirmed after my chapter 7 in 2011 discharge. I sent the bank and attorneys written statement saying I will not fight the forclosure, and will sign over deed. I was under impression that we...
The bank has little incentive to do a Deed in Lieu of Foreclosure if they know you will be leaving. The Servicer has even less of an incentive to do so given that they are paid on a monthly basis and their job will be over once you remit property rights and leave the premises.
If they are not moving on the Deed in Lieu, there is little you can do to incentivize them to do so. Usually, if you begin by fighting, you can hold a Deed in Lieu out as a potential bargaining chip.
But, at the end of the day, the question is what possible value there is for you in doing a Deed in Lieu of Foreclosure. There are important reasons to either modify a loan or to engage in a short sale, but the benefits of a Deed in Lieu of foreclosure are much less obvious and apply to very limited situations.See question
WHat does it mean .. MERS status is inactive.. Servicer is BOA... Does this mean that BOA holds note???? Can they foreclose??? They took over my mortgage in 2008 from precision financial... Im so confused and going to fight to keep my home.. ITs...
The best way to find out who owns your Note today is to file a QWR with the current Servicer who is sending you notices, which in this case, apparently would be BofA. You can find a sample form online but will be better off hiring an attorney if your loan is seriously delinquent.See question
I received a Notice from the plaintiff in a foreclosure that surplus monies had been deposited to the Monroe County Treasurers Office. I contacted The NYS Supreme Court where the foreclosure took place and they advised that I needed to contact an...
Under RPAPL Sec. 1361, you can file an action in Court to recover Surplus Funds. The best practice is actually to file a "Notice of Claim" with the referee before the Sheriff's Sale takes place. But, since you failed to do that, you would need to proceed by way of motion under Sec. 1361(2).
If there are no prior liens entitled to the surplus funds, you may well be owed something and should certainly pursue this. You will need a lawyer who practices in this area to do so.See question
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?
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.See question
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...
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.See question