Legal Question in Real Estate Law in New York

NYS Foreclosure

My home was foreclosed and resold. What happends to the tax paid in my escrow? the bank wont answer me.

thank you.


Asked on 8/31/07, 6:39 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: NYS Foreclosure

The answer depends upon the amount owed to the Bank and what it received from the foreclosure sale, plus what the bank did for you if they received less than what they were due and, finally, the terms of your Mortgage and Note. While the escrow is usually considered trust funds, which the bank could not apply to a shortfall in payment, the Note and/or Mortgage could allow them to use these funds to cover a shortfall. More facts are needed to provide a more complete response.

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Answered on 8/31/07, 11:26 am


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