If you inherit a property without a will and wish to retain it, the primary option is to legally purchase the property. This process involves drawing up a contract of sale, ordering a title search, determining the payoff amount for any outstanding mortgage, and ultimately satisfying that mortgage to obtain clear title to the property. It's important to note that if the property's value is less than what is owed (an "upside down" situation), and a short sale is considered, an heir cannot purchase the property from a family member due to regulations requiring an "arms-length transaction." This rule ensures that the parties involved have no family or business affiliations that could influence the transaction's terms.

When heirs inherit a property that has no will and no equity, and if the property is "under water" (owing more on the mortgage than the property is worth), they still have several options. If foreclosure has begun, selling the property might be beneficial to avoid the completion of the foreclosure process. The heirs, as the legal owners by operation of law, can agree to sell the property. They can negotiate with the mortgage servicer to potentially arrange a short sale. This process often requires the services of a negotiator who can legally engage with the bank on behalf of the heirs. In such cases, utilizing resources like legal and real estate experts can facilitate the transaction, ensuring the property is listed by a licensed realtor and the negotiations with the lender are handled appropriately.

If you inherit a property that lacks equity, one viable financial alternative is to enter into an option contract. This contract grants a third party the right to purchase the property within a specified period. Through a short sale transaction under this option contract, it is possible for the seller to walk away with money at the time of closing. The payment received at closing is part of a legally binding contract, similar to other real estate transactions, ensuring both parties are formally committed to the agreed terms.

If you inherit a property that is "upside down" (owing more than it is worth) and decide to sell it through a short sale, you are not financially liable for the property’s debt, provided you did not sign the original mortgage or promissory note. Under New York State law, while you inherit the title and thus ownership of the home, you do not inherit the financial obligations of the mortgage unless you were a signatory. Thus, selling an inherited underwater home does not make you responsible for any remaining mortgage payments.

If you inherit a home with a reverse mortgage, you are indeed able to sell the property. A reverse mortgage is similar to a forward mortgage but is typically available to individuals over the age of 62, meeting certain income criteria. Despite this, a short sale can still be accomplished on a property with a reverse mortgage. One key advantage of a reverse mortgage is that it is a non-recourse loan, meaning that heirs or children of the deceased who are not signed on the mortgage cannot be held financially responsible for the debt. This ensures there is no financial exposure for the heirs in the event of a sale, allowing them to handle the property's sale without concern for any outstanding debt liabilities.

Selling an inherited home with a reverse mortgage offers significant benefits. One major advantage is the use of an option contract, which allows a third party the right to purchase the property for a specified period. This setup is particularly beneficial in a short sale scenario. Even if the property is valued less than the amount owed (underwater), the heir or next of kin can still legally sell their right to sell the property through this option contract. As a result, they can walk away with money from the transaction, turning a potential financial burden into a beneficial situation. This process is both legal and straightforward, providing a clear financial benefit to the heirs involved.

When an inherited property is in pre-foreclosure and subject to a reverse mortgage, the bank does not have the authority to immediately take ownership after the original owner passes away. Like with a forward mortgage, the lender must commence a foreclosure process, which includes all the procedural steps required under state law. This process provides heirs with time to negotiate and explore options to manage or resolve the property's status before any final action is taken by the bank.

Yes, selling your home after filing for bankruptcy is feasible, especially if the bankruptcy has been closed. Even if the mortgage was discharged during the bankruptcy, the property owner retains the right to sell the property and can still participate in financial transactions like receiving money from the sale. A method to facilitate this is through a monetary option, a separate agreement with a third party. This agreement grants the third party the right to purchase the property within a specified period. Upon satisfying the terms of this option contract, the seller can receive funds at closing. This allows homeowners to not only legally sell their property post-bankruptcy but also benefit financially from the transaction.

After filing for bankruptcy, it is indeed possible to sell your home and still receive financial benefits. Once the bankruptcy is officially closed and any mortgages discharged, you retain the right to sell your property. A practical way to benefit financially from such a sale is by engaging in a monetary option agreement. This agreement grants a third party the specified right to buy the property within a certain period. If the conditions of this option contract are met, you can receive funds at the closing of the sale. This method ensures that you can both legally sell your property and gain financially, even after having gone through bankruptcy.

Engaging in a short sale after filing for bankruptcy and having it closed will generally not impact your bankruptcy status. If the bankruptcy process has been completed, activities like a short sale occurring post-bankruptcy do not affect the closed bankruptcy status. This allows homeowners to consider short sales as a viable option without worrying about negative repercussions on their resolved bankruptcy case.

For homeowners who find themselves in arrears and facing the reality that their property's market value has fallen below what they owe, a short sale emerges as a favored option. Recognized as an optimal foreclosure alternative, a short sale allows homeowners at risk of losing their residence to proactively manage the sale of their property. This route spares homeowners from having a foreclosure marked on their credit history, circumvents the auction process, avoids the upheaval of eviction, and enables them to transition without residual debt from the property sale. However, it's important to note that eligibility for a short sale is typically more feasible for those who are already lagging behind in mortgage payments.

Yes, you can sell a home that has a reverse mortgage. Much like a forward mortgage, properties with reverse mortgages can be sold, including through a short sale if necessary. A reverse mortgage is a non-recourse loan, meaning there is no financial liability for heirs or children who are not signed on the mortgage regarding the debt on the property. This provides considerable relief from potential financial exposure when deciding to sell a property that has a reverse mortgage.

It is possible to profit from selling a home that has a reverse mortgage. One effective method is through the use of an option contract. This contract grants a third party the right to purchase the property within a specified time frame. If this option is exercised, the heir or next of kin selling the property can benefit financially from a short sale transaction, receiving money as stipulated in the option contract. This means even if the property is "underwater" (owing more than its current market value), the sale can still legally and legitimately result in a profit for the seller.

When an owner with a reverse mortgage passes away, the bank does not have the immediate ability to take ownership of the property. Much like with a forward mortgage, the bank must commence a foreclosure process to take control of the property. This process follows the legal requirements set forth in the applicable state, allowing time for heirs or executors to negotiate and manage the property's future. This means there is a period post-mortem during which the property is not automatically reclaimed by the bank, providing a window for potential actions by the inheritors.

Defaulting on a loan modification can be a common challenge, but it's not an insurmountable one. There are tailored solutions to explore that are specific to your financial scenario and the policies of your loan servicer. Each homeowner's circumstances are distinctive, which is why the guidance of a Homeowner Advocate is invaluable. They can navigate you through the complexities to achieve the most favorable resolution.

Absolutely! If you’re grappling with the prospect of foreclosure and seeking to adjust your mortgage to maintain ownership and residency of your home, you’re on a path well-trod. Brick By Brick extends Loan Modification Grants to eligible homeowners who opt into our Program and choose to pursue a loan modification following a Homeowner Advocacy Meeting. While we don’t handle loan modifications directly, we facilitate a seamless connection to a partnered law firm that will undertake your case, with all legal fees fully covered by our program. Your Homeowner Advocate is on hand to manage every detail on your behalf. Reach out to your Homeowner Advocate to arrange your Homeowner Advocacy Meeting.

Indeed, several homeowners who have restructured their loans encounter difficulties maintaining the revised payment schedules. Recognizing this, Brick By Brick offers Loan Modification Grants to homeowners who meet the eligibility criteria of our Program and are considering a new loan modification subsequent to a Homeowner Advocacy Meeting. Although direct loan modifications are not a service we provide, we can refer you to an affiliated law firm that will take on your case, with us absorbing all legal fees in full. Your Homeowner Advocate is poised to handle all the intricacies for you. To initiate this process, please get in touch with your Homeowner Advocate to set up a Homeowner Advocacy Meeting.

Please bear in mind that there is no absolute assurance of qualifying for or being approved for a loan modification.

Homeowners enrolled in our Program who are contemplating a loan modification after attending a Homeowner Advocacy Meeting may be eligible for a Loan Modification Grant. This is a common consideration for those facing foreclosure who desire to adjust their mortgage terms to remain in their homes. While Brick By Brick does not directly handle loan modifications, we facilitate connections to our network of legal firms, with the commitment to cover all associated legal fees. Your Homeowner Advocate will oversee the process to ensure a smooth progression. To move forward, make an appointment with your Homeowner Advocate for a comprehensive Advocacy Meeting.

It's essential to recognize that qualifying for or obtaining approval for a loan modification is not guaranteed.

No, awaiting loan modification does not automatically halt foreclosure proceedings. This is a common misconception. In most cases, the mortgage holder continues the foreclosure action while the loan modification process is ongoing. Both processes are independent of each other and need to be monitored simultaneously. It's crucial for homeowners to stay informed and actively engaged in both processes to avoid losing their property while awaiting a decision on a loan modification.

The answer to this question isn't straightforward as it hinges on a multitude of factors. There's no foolproof method or assurance when it comes to foreclosure situations due to the complexity and variety of elements at play, such as the policies of your Servicer, the lender's terms, your location, and the specific legalities of court proceedings. To navigate this landscape and understand the best course of action, your most strategic move is to consult a Homeowner Advocate. They can help pinpoint exactly where you stand in the foreclosure process and advise on the most suitable options available to you.

A Homeowner Advocacy Meeting is a strategic session that takes place between you and your Homeowner Advocate, designed to clarify your objectives and ideal outcomes — your personal "wish list" for your property situation. This could range from maintaining ownership of your home, considering its sale, or perhaps navigating uncertainties about the best course of action. In this meeting, your Advocate will promptly start connecting you with vital resources and financial strategies tailored to your specific needs. Collaboratively, you and your Advocate will forge a targeted action plan to address your situation. It’s noteworthy that this full service is funded privately and offered to homeowners free of charge, with no expected commitment. These meetings can be arranged at our office or in your home for your convenience.

Securing the services of a skilled and dependable lawyer is essential to fully grasp and safeguard your legal entitlements and options. Our practice involves frequent collaboration with legal professionals to guide homeowners towards the most favorable outcomes. Incorporating a Homeowner Advocate into your advisory team grants you access to a breadth of resources, assistance, and financial alternatives that complement the legal advocacy provided by your attorney.

A "Lis Pendens" notice is the bank's official alert triggered by a mortgage payment default spanning three months, setting the foreclosure process in motion. Receipt of a Lis Pendens signals a critical juncture where immediate steps should be taken to stave off foreclosure. In New York, the recording of a Lis Pendens must take place at the County Clerk’s Office and is required to be formally served to the homeowner within 30 days of its filing.

From the issuance of the Lis Pendens to the eventual sale of the property at auction, your home enters what's known as the "pre-foreclosure" phase. "Lis Pendens," a Latin term, signifies an ongoing lawsuit. During this phase, you retain ownership and control over your property, with the full legal right to sell or explore alternative options to resolve your loan status or settle with the lender completely. Seizing the opportunity promptly during this window is crucial, as you still have viable options to consider.

New York State has implemented a mediation initiative known as the Foreclosure Settlement Conference to address the foreclosure crisis. This program offers homeowners on the cusp of foreclosure the chance to engage directly with the lending institution’s legal counsel under judicial oversight. The primary aim of the Settlement Conference is to forge an accord with the lender, often in the form of a mortgage modification, to circumvent foreclosure. While these discussions are underway, foreclosure actions are temporarily paused. Given that the lender's representative at the Settlement Conference is empowered to make decisions, it's wise to consult with a Homeowner Advocate in advance to understand all possible courses of action. Successfully negotiating a settlement with the bank can bring the foreclosure case to a close.

The Order of Reference, or OOR, is a judicial request for the appointment of a Referee to calculate the total debt on a mortgaged property. This includes tallying the principal amount, interest, late fees, and any costs associated with foreclosure. After the Referee concludes their assessment and presents it to the court, the bank may petition for a Judgment of Foreclosure and Sale, which initiates the auctioning of your home as the foreclosure’s final step.

It’s important to recognize that the filing of the Order of Reference typically occurs alongside a petition for a default judgment. Even at this juncture, with the Order of Reference in place, your property is still considered to be in 'pre-foreclosure,' which means you may have viable alternatives to forestall the foreclosure process.

A Judgment of Foreclosure and Sale marks a critical juncture, signaling the culmination of the foreclosure trajectory. This occurs when the lender, acting as the plaintiff in the foreclosure suit, petitions the court for an order to auction off the home. While a judge may rule at any time, the norm in New York is for decisions to be rendered within six months of the motion's filing. Most often, these rulings favor the lender, effectively setting the stage for the property's auction. Lenders typically publicize the foreclosure auction date in local outlets and proceed with the auction at the courthouse within a 45-day window. It's crucial for homeowners at this phase to exhaust every available alternative to halt the foreclosure before the courts grant the final judgment of foreclosure and sale.

A Judgment of Foreclosure and Sale indicates the court has ruled in the bank's favor, setting your property on the path to be auctioned at the courthouse. In New York, lenders take the step of publicizing the impending auction of your property across various local media channels, with the auction itself usually scheduled to occur within 45 days. To circumvent foreclosure, it's crucial to act swiftly. Brick By Brick can expedite an EMERGENCY Homeowner Advocacy Meeting for you to consider all available alternatives.

For homeowners lagging behind on payments, the role of the Mortgage Servicer is pivotal. Some Servicers present alternatives to foreclosure, such as loan restructuring, short sales, or deeds in lieu, with varying degrees of flexibility. The operations and efficiency of Servicers can differ widely, influencing the ease of navigating foreclosure alternatives.

It's common to conflate your Mortgage Servicer with your mortgage lender, but they are distinct entities. A Mortgage Servicer manages your mortgage account on a regular basis, which encompasses collecting payments and providing services on behalf of the loan's owner, and sometimes, the Servicer might also hold ownership of the loan.

It's noteworthy that loan owners often transfer servicing rights between Servicers with little warning. Recognizing who your Servicer is, and whether they offer the support you need, is essential for timely action. The foundation of trust, seasoned expertise, and robust resources are key. Brick By Brick, having secured over half a billion dollars in relief for New York homeowners, possesses the seasoned expertise to navigate the variety of Servicers and to offer the strategic guidance necessary to achieve the results you're seeking.

This is a frequent inquiry, as many seek to delay their property auction. There are several approaches one might take to achieve this, though success can vary greatly depending on individual circumstances. The most prudent step is to seek legal counsel. If you're without legal representation, we're ready to connect you with a network of trusted attorneys or direct you to your local bar association for further assistance.

After a Lis Pendens (LP) filing, which is a notice that a foreclosure process is pending, you still retain ownership and possession of your home. During this stage, you have the legal right to sell the property or explore other means to address the situation, such as bringing your loan current or paying off the lender entirely. It is important to take prompt action to utilize the available options effectively while they are still viable.

Having a homeowner advocate or an attorney during a settlement conference is highly beneficial. These professionals help you understand all your options before you attend the conference, where you will meet with the bank's attorney who has the authority to act on the bank's behalf. A well-informed decision can lead to a favorable settlement that concludes your case effectively. However, making an uninformed choice could result in adverse outcomes. Thus, it is crucial to consult with an advocate or an attorney who can guide you through the process and potentially suggest further legal assistance to ensure your interests are well represented.

In foreclosure cases, courts typically favor the lender. When lenders file motions in these cases, they are usually granted, paving the way for a foreclosure auction. Once the lender wins, they may advertise the auction date in local publications and typically conduct the sale at the courthouse within 45 days. This generally indicates a judicial inclination to uphold the lender's rights to recover the loaned property when the borrower defaults.

If your property's auction date has been publicized, it's crucial to act quickly as you still have options to avoid foreclosure. Immediate action is necessary, and consulting with a trusted, experienced homeowner advocate can be extremely beneficial. These advocates can arrange emergency meetings to review all available options thoroughly, helping you navigate this critical situation to find the best possible solution to prevent the auction and address the foreclosure process.