Legal Question in Real Estate Law in New York
can't sell house, foreclosure??
We want to relocate to NC and buy a new home there. The market here has dropped so fast and we owe over $325,000. on our current home. With the market the way it is we would only be able to get maybe $300,000. We have family that would purchase our home in NC for us, and then we could let our house go into foreclosure. What would happen to the assets we have, ie. bank accounts, cd's, 401k?
1 Answer from Attorneys
Re: can't sell house, foreclosure??
It depends. If the bank sells the house for less than you owe, (and it will), they will obtain a deficiency judgment against you. Remember that attorney's fees and costs will also be added plus interest. They will look for assets in your name or names to satisfy the judgment.
It might be better to try to sell yourself and negotiate something with the bank.
It could cost you less in the long run.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.
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