Legal Question in Real Estate Law in New York

I am gong into foreclosure on my house. There were no other alternatives. Even doing a short sale would probably mean that I would owe the mortgage company the diffrence.

After a foreclosure, do you have any more obligations to the mortgage bank or you just lose the house?

Asked on 4/10/13, 8:38 am

2 Answers from Attorneys

Yefim Rubinov Yefim Rubinov Attorney at Law

There will be no obligations after a short sale...contact me and I will explain

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Answered on 4/10/13, 8:44 am
Arnold Nager Arnold H. Nager, Esquire

In a short sale, the bank agrees to take the balance on the sale in full satisfaction of the mortgage.

However, in a foreclosure, the sheriff or marshal sells the house at auction. If it brings in less than the amount due on the mortgage, the bank may pursue you for the deficiency.

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Answered on 4/10/13, 10:16 am


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