Legal Question in Real Estate Law in New York

i am currently unemployed but i still pay my first mortgage with family help but with another bank i owe a equity loan of 37000 which at this time i cant pay they will not take a time payment and say they will forclose can they do this


Asked on 9/08/09, 3:11 pm

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

If the second bank has a valid mortgage on the property it would have the right to foreclose.

Mike.

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Answered on 9/14/09, 8:45 am
Alexander Tsiring The Tsiring Law Firm, P.C.

They might foreclose. However, there are many ways to modify your mortgage, to reduce payments, and sometimes to eliminate the second mortgage or reduce payments.

If you need further assistance with this matter, please contact our firm.

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Answered on 9/14/09, 12:38 pm


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