Legal Question in Real Estate Law in New York

If you are evicted from your home, and the bank sells your home for more than the balance of your mortgage, who gets the profit from the sale?


Asked on 11/15/09, 9:21 pm

1 Answer from Attorneys
David Simon Hogan & Rossi

It depends on what happened. If the bank started a foreclosure action, then any surplus monies will be used to pay off any liens on your home - the bank, any home equity loans, any taxes due, any judgments or other liens. If there is still a surplus it goes to you.

However, if you simply gave the bank a Deed in Lieu of Foreclosure, then you are out of luck. The bank now owns the home and they can keep whatever they sell it for.

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Answered on 11/23/09, 3:56 am


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