Legal Question in Real Estate Law in New York

I live in a building that got foreclosed, I took the option to buy. But the real estate agent managing the property wants me to move. The bank did a pre approval and paid for credit sections for me. I also have a quit deed from the former owner before the bank became owner. Isn't the house legally mine anyway?

Asked on 10/25/13, 12:54 pm

1 Answer from Attorneys

Kevin Connolly Kevin J. Connolly

Before the bank could enter a judgment of foreclosure and sale, its attorney had to file a "notice of pendency," also known by its Latin name, "lis pendens." This is usually filed at the same time as the foreclosure is commenced. Now if your deed was recorded after the notice of pendency was filed, then your ded has been or will be cut off and "foreclosed" by the sale. However, if your tenancy began prior to the filing of the notice of pendency was filed, then your leasehold is prior to the mortgage and can't be cut off. Of course, it will expire. Before you get your hopes up, it your lease is for a term of 3 years or less, then it will prevail (until it expires) against the mortgage. Longer-term leases have to be recorded or they are invalid as against the purchaser at the foreclosure sale.

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Answered on 10/25/13, 1:21 pm

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