{"id":2319,"date":"2013-01-03T09:05:20","date_gmt":"2013-01-03T14:05:20","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2319"},"modified":"2018-12-04T08:04:15","modified_gmt":"2018-12-04T08:04:15","slug":"dont-do-what-the-los-angeles-condo-owner-did","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/dont-do-what-the-los-angeles-condo-owner-did\/","title":{"rendered":"Don&#8217;t Do What the Los Angeles Condo Owner Did"},"content":{"rendered":"<p>A few weeks ago in early December, <a href=\"http:\/\/articles.latimes.com\/2012\/dec\/02\/local\/la-me-loft-squatter-20121202\">the LA Times<\/a> ran a story about a man&#8217;s strange experience with his condo. Although New Yorkers are more likely to live in coops, condo ownership is on the rise, especially in north Brooklyn, so the story is more relevant now than it was in the past. Apparently, Jeffrey Cote bought a condo in LA in 2007 for $647,000 with no money down. Needless to say, this was not the time to buy real estate. Two years later, he filed bankruptcy and moved out of the condo expecting the lender to foreclose on it. This did not actually happen, and instead, an unknown person rented the condo to a man who moved into the residence, which Cote surprisingly discovered in early 2012. The article ends with Cote resuming his residence at the condo.<\/p>\n<p>It&#8217;s a bizarre yet fascinating story about underwater homeownership with a twist. However, Cote made a series of mistakes that he wouldn&#8217;t have made had he hired a competent bankruptcy attorney. First of all, not having a plan to handle the underwater mortgage before bankruptcy was a catastrophic error. He could have short-sold it, offered the lender the deed in lieu of foreclosure, or even waited until the bank actually initiated foreclosure to try to mediate the dispute. By filing bankruptcy before dealing with the condo, he discharged the mortgage (not the lien on the condo though) but was still liable for tens of thousands of dollars in condominium association fees.<\/p>\n<p>It&#8217;s also strange, but not unheard of, for Cote to vacate the residence before the bank began foreclosure proceedings. It happens sometimes that people just walk away before knowing what the bank is willing to offer. This too is a mistake. Maybe he was in a better position than he thought, and an experienced bankruptcy lawyer may have told him that banks don&#8217;t like foreclosing on condos because they have to pay condominium association fees either, which is why the bank didn&#8217;t take over his residence. Finally, it should go without saying that filing bankruptcy at the time of the foreclosure would have stopped it via the automatic stay.<\/p>\n<p>Jeffrey Cote&#8217;s story ends well, despite its weirdness, but New Yorkers might not be so fortunate. If you are living in a residence and are underwater on your mortgage, talk to an experienced New York bankruptcy lawyer instead of just walking away.<\/p>\n<p>For answers to more questions about bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to <a href=\"\/contact\">contact<\/a> experienced <a href=\"https:\/\/nybankruptcy.net\/main\/brooklyn-bankruptcy-law-firm\/bankruptcy-trustee-actions\/\" target=\"_blank\" rel=\"noopener\">bankruptcy trustee<\/a> Bruce Weiner for a free initial consultation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A few weeks ago in early December, the LA Times ran a story about a man&#8217;s strange experience with his condo. Although New Yorkers are more likely to live in coops, condo ownership is on the rise, especially in north Brooklyn, so the story is more relevant now than it was in the past. Apparently, &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/dont-do-what-the-los-angeles-condo-owner-did\/\"> <span class=\"screen-reader-text\">Don&#8217;t Do What the Los Angeles Condo Owner Did<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16],"tags":[207,147],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don&#039;t Do What the Los Angeles Condo Owner Did -<\/title>\n<meta name=\"description\" content=\"A few weeks ago in early December, the LA Times ran a story about a man&#039;s strange experience with his condo. Although New Yorkers are more likely to live\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/dont-do-what-the-los-angeles-condo-owner-did\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don&#039;t Do What the Los Angeles Condo Owner Did -\" \/>\n<meta property=\"og:description\" content=\"A few weeks ago in early December, the LA Times ran a story about a man&#039;s strange experience with his condo. 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