You might, New York allows mortgage holders to come after delinquent homeowners for the difference between the auction price and the loan amount.
If the house sold for less than the amount of the loan, your lender has 90 days to go to court and obtain a deficiency judgment for the balance.
It’s a brutal tactic that most homeowners aren’t prepared for after they’ve already lost their home.
If it happens to you, bankruptcy is a viable option to clear the debt.
If you’re concerned about your financial future and the bank is threatening to foreclose, the lawyers at Zelenitz, Shapiro & D’Agostino can help.
Call us today at 718-599-1111 and start moving forward again.