Legal Question in Real Estate Law in New York
My investment property was in foreclosure... I just got a letter from the lender with keys inside the envelope saying that they are reqlinquishing possession of property and that they will no longer be responsible for taxes or any other costs on the property.
Does that remove the mortgage lien on the property ???
What are the legal implications when a lender surrenders possession ?
It does say that I am responsible still for the balance due -
1 Answer from Attorneys
Q. Does that remove the mortgage lien on the property ???
A. No.
Q. What are the legal implications when a lender surrenders possession ?
A. You would have both title and possession of the premises and are legally responsible for the property. Therefore, if as a result of your negligence an individual is hurt on the property, you (and not the bank) may be held liable.
Q. It does say that I am responsible still for the balance due -
A. Yes. You are still responsible for the balance due to the bank.
Mike.
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