Legal Question in Real Estate Law in New York
I am gong into foreclosure on my house. There were no other alternatives. Even doing a short sale would probably mean that I would owe the mortgage company the diffrence.
After a foreclosure, do you have any more obligations to the mortgage bank or you just lose the house?
Asked on 4/10/13, 8:38 am
2 Answers from Attorneys
Yefim Rubinov
Yefim Rubinov Attorney at Law
There will be no obligations after a short sale...contact me and I will explain
Answered on 4/10/13, 8:44 am
Arnold Nager
Arnold H. Nager, Esquire
In a short sale, the bank agrees to take the balance on the sale in full satisfaction of the mortgage.
However, in a foreclosure, the sheriff or marshal sells the house at auction. If it brings in less than the amount due on the mortgage, the bank may pursue you for the deficiency.
Answered on 4/10/13, 10:16 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
