New York  |  Real Estate Law

Legal Question

Asked on: 9/07/13, 10:46 am

When I tried to sell my house 3 years ago, I found a buyer but was not able to close the sale because the mortgage lender never responded to my submission of the buyer's written offer. I would have walked away with $50,000 in equity had that sale gone thru, but now I am being foreclosed on and might lose my house at auction.

Can I sue the lender who caused the sale to fall through years ago? That lender has since transferred the lien to another lender who is foreclosing on me, not sure if that makes a difference.

1 Answer

Answered on: 9/07/13, 11:06 am by Kevin Connolly

The law of lender liability is obscure and difficult. There are heavy legal issues, to include whether the transferee takes free and clear of the claims against the transferor. These issues turn on whether the transferee is a "holder in due course" Most likely, the current holder is subject to your lender liability claim up to the amount of the note. 516-242-1453.

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

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