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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30909
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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OCWEN posted my house for foreclosure last year because a

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OCWEN posted my house for foreclosure last year because a client of mine (I am self-employed) held the monies owed me for several months. After making payment and getting re-instated OCWEN increased my payment to over twice my previous payment to make up for a shortfall in the escrow account (payment went up from $1,205 P & I to a little over $3,300). After struggling for many months with the higher payment we got behind earlier this year and OCWEN returned 3 checks to us demanding we immediately get 100% current and at the same time posted the property for foreclosure. I requested a loan modification and went through the process of applying for it only to be told the owner did not do modifications. My property is worth much more than what I owe. My total debt including fees and penalties is around $100,000 and the house is probably worth closer to $200,000.
Questions: Can I stop foreclosure?
What recourse do I have?
If I can get a judge to stop foreclosure, what then?

Kirk Adams : Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question. I'll be glad to assist you.
Kirk Adams : The ONLY sure way to stop a foreclosure is by filing chapter 13 bankruptcy before the foreclosure occurs. This is so because provisions of 11 USC 362 (automatic stay) prevent a creditor from continuing the pursuit of you and the debt once bankruptcy is filed.
Kirk Adams : By filing chapter 13, you will be allowed to propose a repayment plan to pay back the arrearage due to the lender and also to pay the monthly payments going forward as well.
Kirk Adams : Generally, the repayment terms of the debt are extended in order to reduce the monthly payments to an amount that you can afford.
Kirk Adams : As I said earlier, this is to only sure way to stop the foreclosure.
Kirk Adams : Thanks for your post, and if you need anything further, please don't hesitate to ask.
Roger and 10 other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.

Other than filing for bankrupcy can one stop foreclosure to get enough time to sell the property? The property has an IRS lien far greater than the value of the home but is in uncollectible status right now. I would like to sell the property to somebody I know. How can this be acomplished concidering the IRS Lien? What is the time frame?

Bankruptcy is the only sure way to stop a foreclosure.

If the IRS lien was filed after the mortgage, then the mortgage would take precedence. Also, if the IRS lien is not a secured lien, it would be possible to transfer title of the property as the lien will simply remain against you - the debtor - and not the property.

The IRS lien would just capture any proceeds over and above the mortgage lien.

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