Legal Question in Real Estate Law in New York

Property Mortgage Question

I own a total of 30 acres of land. My home and 5 acres ore what is listed on the mortgage. The other 25 acres are not part of the mortgage. What happened is that the whole 30 acres were on one tax. So the mortgage company has been paying the tax for the whole 30 acres not just the mortgaged 5 acres. I may be going through a foreclosure. My concern is being they have paid the tax on the 30 acres will I also lose the 25 acres not listed on mortgage. I have lived here 15 years and the mortgage has been sold to other mortgage companies during that time. The first one had told me to get the properties separated but I never did.


Asked on 9/06/08, 11:46 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Property Mortgage Question

If there is no lien on the property (no mortgage), the bank cannot foreclose. However, if there is a deficiency judgment after the sale the bank will be able to sell the land based on the judgment.

Mike.

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Answered on 9/06/08, 12:51 pm


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