Legal Question in Real Estate Law in New York

my brother-in-law cosigned a residential real estate mortgage in NY for my sister-in-law. She is in default for lack of payment and the home is probably worth less than the principal amount of the mortgage. If she looses the home to foreclosure, will the lender be able to go after my brother-in-law (who does not live in NY) and force him to make the lender whole? In other words can the lender attach his other assets or get and enforce some knid of deficiency judgement?


Asked on 11/20/11, 6:33 pm

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

Q. If she looses the home to foreclosure, will the lender be able to go after my brother-in-law (who does not live in NY) and force him to make the lender whole?

A. Yes.

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Answered on 11/21/11, 5:27 am


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