Legal Question in Real Estate Law in New York

home equity line of credit

I have a house in n.y. took a line of credit. sold my house 4years ago.the bank did not ask us to paid in full.i been paying the line of credit but now i am in alot of debt.i can paid half of the min. mo. payment. i now live in va. they tell me they are going to foreclouse on the house in n.y. but it was sold 4years ago.can they foreclose on my va house.and will it be ok to paid what i can each mo.


Asked on 4/08/08, 8:21 am

1 Answer from Attorneys
Susan Allen The Law Office of Susan E. Allen, PLLC

Re: home equity line of credit

A lender may foreclose on the property securing the debt. It sounds like you sold the property in NY with a lien still remaining on the property. You should seek an attorney to discuss how you may now remedy this matter with the lender by, for example, a substitution of collateral. Further, you may be exposed to a suit by the current owners for selling real estate encumbered by a lien.

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Answered on 4/08/08, 8:36 am


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