Legal Question in Real Estate Law in New York

Re: foreclosure

First and foremost, unless you intend to let the property go you should respond to the foreclosure. I would retain a local attorney to prepare the documentation and see if they can work out a deal. I have done this with other clients who find a buyer for the property at a short sale to cut their losses.

Good Luck!!

Re: foreclosure

The true question is what do you want to do

If you do nothing, the bank will foreclose

by default and take the house. This should

take approximately four to six months

There is generally no deficiency sought in

such proceedings absent active fraud

You may discharge the debt in bankruptcy,

but this really should be done only if the

bank does attempt to assert a deficiency

You may prevent a foreclosure with a bankrupcty

filing but only if you arrange to pay back

all arrears owed