Legal Question in Real Estate Law in New York

Re: Rights after a foreclosure

Since you hold a second mortgage to the property, in the event the property is sold at auction, any proceeds left over after the first mortgage is paid will be given to you. However, you will probably be named as a defendant in the foreclosure action and will need to appear and assert your rights in that action.

You can call me if you'd like me to discuss this further with you or if you have additional questions.

Kind regards,

Peter Moulinos

Re: Rights after a foreclosure

If the property is in the City of New York, you can check out the real property records online. A notice of pendency should have been filed upon commencement of the foreclosure action and, as stated by Mr. Moulinos, you are required to be served as a defendant (if you recorded the mortgage).