Legal Question in Real Estate Law in New York

If I default on my home, can the lender sue me for any outstanding balance owed?


Asked on 3/10/11, 7:47 am

2 Answers from Attorneys
Howard Knispel Howard E. Knispel, P.C.

After a foreclosure the lender can get a deficiency judgment for the difference between the amount the property sells for at the foreclosure, and the amount of the loan. A bankruptcy can eliminate this.

Read more
Answered on 3/10/11, 8:00 am
Michael Markowitz Michael A. Markowitz, PC

The lender may also sue solely on the note and not proceed with foreclosure.

Mike.

Read more
Answered on 3/10/11, 8:27 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York