Legal Question in Real Estate Law in New Jersey

real estate auctioin/forclosure

i have a condo in NJ that is set togo to sheriff sale. the bank refused a short sale offer ami responsable for the differenceof what i owe the bank and what it sold for. ilive in fl


Asked on 9/22/08, 2:10 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: real estate auctioin/forclosure

The borrower is responsible for the whole debt less any amount that is collected from the sheriff's sale. The whole debt includes the underlying obligation, interest, late charges, costs of the foreclosure action, and anything else that the note and mortgage permit.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 9/22/08, 11:19 am


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