Legal Question in Real Estate Law in New York

I have a Note & Mortgage on real estate property in New York State with a real estate investor. It is now 6 months in default. The note is recorded in the county records. Numerous contacts have been made to mortgagor asking for payment of interest due and/or expectation of when it would be paid. In last contact (10/23/09) I was advised that I would be paid when sale of other properties would provide adequate funds to do so.

There is a clause under my contract to demand full payment of principal plus interest if a default occurs.

What should I do?

Asked on 10/26/09, 4:00 pm

1 Answer from Attorneys

Robbie Vaughn Law Firm of Vaughn & Weber, PLLC

You need to initiate a foreclosure action.

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Answered on 10/31/09, 11:36 pm

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