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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42175
Experience:  Texas Attorney for 30 years dealing in real estate
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I'm divorced in NYS, ex-husband owned house and was ordered

Customer Question

I'm divorced in NYS, ex-husband owned house and was ordered to buy me out with 25% of the value. He died a few yrs later WITHOUT refinancing and the mortgage was still in my name BUT not the property itself, which is in his estate has. So now bank has begun foreclosure on the MORTAGE. Is it better to foreclose or file bankruptcy ? Can foreclosure take your pension from you? What are ramifications of foreclosure/bankruptcy?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you tonight.

I am so sorry that you are having to deal with all of this.If this goes into foreclosure and there is a deficiency they sue you for a deficiency judgment.They cannot take your pension here or social security but they can garnish a bank account.

Bankruptcy is a great idea here, Chapter 7 to discharge the debt.If you have other credit cards or other bills this can give you a new start.You can plan for such a filing, people often trade for a newer car, buy some appliances because your credit will be the dumpster for awhile.So timing can be important if you want to plan for this.

You can wait here, let it go into foreclosure and see if they sue for deficiency or not.Then you can still file Chapter 7.

I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.

Customer: replied 1 year ago.
But how can they foreclose on the MORTAGE and not the property?
Expert:  Ray replied 1 year ago.

They can just sue on the note , they don't have to take it back, if it is damaged or not worth it title wise they sometimes just sue the people on the note.

Expert:  Ray replied 1 year ago.

It would be like an unsecured note, they have right to just sue on it if they choose.There cold also be problems with title here or other liens that make it not worth it.

Expert:  Ray replied 1 year ago.

Thanks for the follow up here.