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This is not legal advice. The information below is for educational purposes only.
If your sale date is fast approaching, it is important for you to know your options:
1) Declare a bankruptcy for the purpose of delaying the sale:
Please consult with a competent attorney that will be able to advise you on the benefits of a Chapter 7 or a Chapter 13 bankruptcy and its implications (both personal and financial).
2) File a civil action and get a Temporary Restraining Order:
A Temporary Restraining Order (TRO) may postpone your Trustee Sale for a short period of time, typically 10 to 14 days. A judge may grant you a TRO depending on your individual circumstances. Unfortunately, the judge can simply deny your request for a temporary restraining order.
3) Develop a Proactive litigation strategy:
This may be an option if you feel like you have a realistic option at modifying your existing home loan or if you have reasons to believe that you have been taken advantage of by your lender or your mortgage servicer. Currently, banks are spending even more of their money defending lawsuits brought on by homeowners and institutional investors. When you initiate a lawsuit you are sending a message that you are aggressively pursuing a loan modification. In response, the bank may temporarily stop or postpone your sale date until they can reach a resolution with you.
4) Challenge/Subpoena the Trustee:
This may be the least effective method off stopping your sale date but nevertheless it is an option. You will want to analyze the Deed of Trust and all foreclosure documents: Notice of Default, Assignments, Substitution of Trustee, Notice of Sale, and Trust Deed upon Sale. In the analysis, you may find illegalities and weaknesses in relation to existing laws that can give you leverage and may postpone your Sale Date temporarily. In majority of the cases you will find that the notice of default was filed prior to a trustee being assigned to foreclose on your property. In Judicial Foreclosure states, a judge reviews the legality of the foreclosure proceedings to ensure the homeowner is being protected against lenders. In Trustee States, lenders employ a â€œthird partyâ€ trustee company to replace the legal function of a judge to orchestrate the foreclosure process. Since the trustee assumes the liability in auctioning the property, they may not foreclose on the property if there are potential violations discovered prior to the Auction Sale Date. Therefore, if the lender files the notice of default prior to a trustee being assigned they are not following foreclosure laws and procedures.
5) Short sale your property:
Check if there are any benefits of listing your property for a short sale. Some banks offer incentives to follow through with a short sale. They know that it is an easier solution for them to undergo rather than foreclose on your property. You may want to consult with a CPA and completely understand it's financial implications before you make this decision. This may prove to be a good option if you are underwater (owe more on your home than it is worth). Short selling your home may be a difficult decision to make since it may affect your credit and potentially prevent you from getting another loan for several years. However, if you decide to short sell your home it may be the best time to do so now. Listing your property may buy you time.
I have been a foreclosure consultant In the past and I do understand what you're going through.
Please feel free to email me or call me if you have further questions.
What was the reason the bank denied your short sale? Was the offer too low?
If you're able to postpone the sale, I'd be happy to go over your short sale.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-278-4934 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - BRE: 01352771
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