New York  |  Real Estate Law

Legal Question

Asked on: 11/05/13, 6:59 am

I own a two family home in brooklyn ny. 8 years ago I took out a 2nd balloon mortgage at 11.125 %. I have not been able to make thepayments and have defaulted on both first and second and am now being sued by the second civilly. When I got the second there was clearly not enough equity in the home for me to be approved however they approved me anyway. Can I countersue based on this?

1 Answer

Answered on: 11/05/13, 7:07 am by Kevin Connolly

Some more information is needed to see if yours is a "high cost mortgage loan." If it is, then the presence of the balloon payment is something that probably triggers relief under the New York Banking Law. Feel fee to write or call 516-242-1453 and we can discuss whether you have a practical solution.

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Kevin J. Connolly 30-06 36th Avenue Astoria, NY 11106

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