Legal Question in Real Estate Law in New York

house worth less than mortgages

Our house is in the $116,000 to $123,000 range per a realtor. We are having difficulty now paying our debt due to my SSD. Balance etween both loans is $121,000. We definetly want to sell. Should we try to sell and be about $10,000 short with closing costs and realtor fees or should we just walk away. There will be enough money to pay the 1st but the 2nd will be short. Can we try to sell the house now on our own? We are 10 days behind on the mortgages now. Please give me your opinion on where to go from here. Thank you


Asked on 8/11/08, 2:35 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: house worth less than mortgages

You should not walk away since the bank may seek money from your savings or employment under a deficiency judgment.

You should contact both banks and explain the entire circumstance. The banks may be inclined to agree to a short sale.

Mike.

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Answered on 8/11/08, 2:42 pm


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