Legal Question in Real Estate Law in New York
We are renting in law house we jyst found out it is going into foreclosure because she hadnt paid. Now she is offering to do a quit change if we give her $5000 to clear the late payments. Relationship is shaky on trust how should we handle?
1 Answer from Attorneys
You have to be very careful about this situation. It appears that the owner is in financial trouble. She has been using your rent money not to pay the mortgage, but using it herself or she may have dug herself into a hole and she can't dig herself out of it.
So she wants to give her mess to you. Now, it might not be a bad idea, and you may profit from her misfortune. However, you should know her whole situation, and only through a thorough investigation of the mortgage default, the title, and with the cooperation of the bank you might be able to use it to your advantage.
You might be able to but the house, get a new mortgage, and save yourself money. However, you just can't give her monies for just what her title to the house is worth - it may be worth nothing.
Jeffrey A. Lazroe Attorney at law 37 Franklin Street, Buffalo, New York 14202 716-856-8811
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