real estate

[D.W.]

I CURRENTLY OWN a home in n.y. which I rent to a relative. I am thinking of buying a new house in n.j. If for any reason my home in n.y. is forclosed on will the attach anything to my new home or are they two different entities? Thank you

 

[Tracey]

If the bank forecloses on the NY house AND the amount for which they sell the house is less than the amount you owe + costs of foreclosure, the bank can get a deficiency judgment against you. They can then place a judgment lien on your NJ home and, under certain circumstances, forclose on the lien.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.