Legal Question in Real Estate Law in New York

Can we get a new mortgage?
8 years ago we owned 2 homes. We rented one to people who destroyed it. We had that home forclosed on. We owe approx. $25,000 on that home as well as other debt from credit cards. We want to sell the home we are living in to relocate closer to our jobs. We want to buy another home that will be cheaper. We want to know if the money we make from this sale will be ours to use as a down payment on our next home and will we be able to get a mortage again once we sell this house?

Asked on 2/16/08, 2:25 pm

Debra Palazzo Law Offices of Debra Palazzo, LLC

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Re: Can we get a new mortgage?

If there is a judgment against you for the 25K, you will not be able to sell your house w/o satisfying the judgment.

If you wait until closing, the title company will take 2x's the judgment before they clear title.

Contact the bank and see if you can negotiate the 25K down.

As for a new mortgage, if you have a good down payment and have been paying your current mortgage on time you will most likely get a new mortgage.

Answered on 2/16/08, 9:50 pm

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