Real Estate Law
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Hi, I'm Heather, an attorney with 15 years experience, and I'd like to assist you this evening for informational purposes.
Some states have the right to redeem the property after the foreclosures sale. But, unfortunately, New York is not one of those states. As such, if the condo has been sold, and if you were unable to negotiate keeping the property before the sale, I am unaware of anything under New York law that you can do. I know that this is not likely what you wanted to hear, but it would not do you any good for me to not give you correct information. I know that you need to have the honest truth so that you can govern your actions accordingly.
Best of luck to you.
The answer to your question depends on several facts. Was the foreclosure done by a bank/lender, or was it done by the maintenance company? How much was bid at the foreclosure sale? Did they bid the full amount or was there a deficiency? If there was a deficiency, then yes, they have the right to pursue you for the deficiency. What a hard situation, but I'm glad to hear that you have been able to work something out with the new owner.
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