Hi, I searched for a while now and I can't seem to find any info whatsoever on the deficiency judgement rules in NYS. I still haven't looked at the mortgage agreement. If the state doesn't allow it and the mortgage agreement says that I would be responsible for any deficiency, which would apply?
Also with a neg am mortgage, if the original mortgage amount was x and now it is a larger amount due to the minimum payment (and adding the unpaid interest to the principal amount), does the amount that's added to the principal still considered secured debt or unsecured? Thanks for your input.
Also with a neg am mortgage, if the original mortgage amount was x and now it is a larger amount due to the minimum payment (and adding the unpaid interest to the principal amount), does the amount that's added to the principal still considered secured debt or unsecured? Thanks for your input.