Legal Question in Real Estate Law in New York

As a guarantor, you have subrogstion rights against the borrower. In other words, for now, you are 'kinda' protected by the lender's mortgage. Keep good records of the payments you make and their application to principal, interest, penalties/fees, and impounds.

The lender owes you no special recognition, but if you approach the lender, maybe you can negotiate with the lender for something. Your basic claim is against the borrower for money paid to a third party to the benefit of the borrower and which in equity he should reimburse you for, otherwise he would be unjustly enriched.

That's a mouthful, but that's the full name of the remedy. Notify the Lender that you have this claim and try to get them to agree that when the loan is paid off, you get recognized with an assignment pro tanto of the mortgage lien. Otherwise, you could be undermined in a heartbeat. Plan B's exist, at a higher cost.

Oh...by the eay...you need to get real help in this type of deal. This is not legal advice. If it were legal advice it would come with an invoice.