Legal Question in Real Estate Law in New York

Re: mortgage question

You may be in trouble. Unfortunately, this has happened to a lot of people, many of whom I have had to represent in bankruptcy court. This is a possible outcome of your situation: At the time that you signed the documents, you may have been at a closing. At the closing, the property was refinanced and money was borrowed against the equity that the property had. Since your name is on both the deed and the mortgage, you are responsible for paying the mortgage. Many times, the people who promise to pay the mortgage during the six months that the deed is in your name, have no intentions of doing so. They have already gotten what they wanted, which was the money from the refinance. I would suggest that if you don't want your credit affected, that you make the payments yourself. I am not sure if you would be able to put the property on the market at this point because I don't know what you signed. The individual(s) who put you in this mess probably had you sign another deed from you to another individual, but they probably have not filed it. This response is getting longer than I had intended so you can call my office to schedule a consultation - you should do something quickly though.

Lissa Luke, Esq.

This information is provided for educational purposes only. This response does not establish an attorney-client relationship with this firm. An attorney-client relationship with the Luke Law Offices will only be formed once this office has been formally retained as counsel or has recognized such a relationship through a written document.

Re: mortgage question

You need expert advice. You got involved in a deal, without knowing what was going on, and signed papers that you did not read. This was very dangerous.

Now, you need a lawyer. Really, you do.

Please get some assistance NOW. Your credit is at risk, your money is at risk. I have no idea how much damage you may have gotten into. I would like to help you, but you really should get me or someone like me to help you NOW!!

If you would like me to assist, please call my office. I am in Hackensack. A half hour consultation will be $75.00. You can then decide how you would like to proceed.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: mortgage question

You should consider selling house before your credit is jeopardized if you cannot afford the payments yourself.

You may contact me at anytime for a complimentary consulatation.