Legal Question in Real Estate Law in New York

Re: Foreclosure

Ms Palazzo has a good suggestion, "deed in lieu of foreclosure" would prevent a judgment against your husband but if there is equity or even if not, there may be several viable options to look into where a better result could be obtained. This area of law is our specialty, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

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Re: Foreclosure

If the property is in your husband's sole name and your accounts are in your sole name they can not touch them (retirement acct protected either way).

BUT, tell your husband not to abandon the property, he should do a "deed in lieu of foreclosure" (give the house back) and they must agree to absorb any losses. This way, there will be no money judgment against your husband and nothing to worry about.

(This is assuming your husband has no equity cause he will lose that too.)

If you need assistance, feel free to contact my office.