Will I be responsible for any deficiency after my property is sold by BOA.I live in Florida but the property is in NJ?

Asked over 1 year ago - Sebastian, FL

I want to sign a Deed in Lieu on a house I own in NJ and which BOA has threatened to foreclose on for more than 4 years, but they still haven't foreclosed.I have offered to sign a deed in lieu of foreclosure. If they accept this will I be responsible for any deficiency? I know I need an attorney (FL or NJ?) I believe BOA owes me money. I just don't know how to go forward with this. I want it over with.

Attorney answers (3)

  1. Jeffrey Alan Klein

    Pro

    Contributor Level 13

    3

    Lawyers agree

    Answered . You need to post this in New Jersey because the property is in New Jersey. Good luck.

  2. Margery Ellen Golant

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . If the foreclosure is in New Jersey, New Jersey law applies to both the foreclosure and the potential deficiency claim. So, you should consult a New Jersey attorney who is knowledgable in this area of law immediately so you will have the maximum time to plan whatever strategy is most in your interest. Time is your enemy.

    Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-... more
  3. Michael T Millar

    Pro

    Contributor Level 19

    2

    Lawyers agree

    Answered . Unless you get some sort of settlement or release of claims, the bank has the right to go after you or send you a 1099 for the deficiency or write off.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education... more

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