QUESTION
What can I do about Bank foreclosure sales in NY?
Asked on Jan 11th, 2013 on Foreclosures - New York
More details to this question:
When a house is sold as a result of a bank foreclosure, and the proceeds exceed the mortgage balance.
1 ANSWER
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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This is known as a deficiency. The banks have 90 days to sue for the deficiency. I cannot comment on your matter, but it is rare for the bank to go after the deficiency unless the debtor has other real property assets. You can file bankruptcy to get rid of the liability.
Answered on Jan 11th, 2013 at 4:32 PM