Monroe, NY asked in Real Estate Law for New York

Q: my grandparents who are now both deceased the house is foreclosed. auction no one brought. can I call the bank?

the house went up for auction twice but didn't sell. can I call the bank and attempt to get the mortgage reinstated ?

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3 Lawyer Answers
Elaine Shay
Elaine Shay
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: Of course, you can always call the lender. However, if you are not the original borrower, it is unlikely the loan could be reinstated but if you qualify they may be able to offer you a loan to essentially purchase the property.

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: No. But you can call up and offer to buy it with your own mortgage.

Peter Klose
Peter Klose
PREMIUM
Answered
  • Nyack, NY
  • Licensed in New York

A: If you qualify for a mortgage, you can buy the house like any other person. It's not clear from your question whether the auction was after a Judgment of Foreclosure. You might want to do some investigation into the status of the foreclosure. The bottom line is that the foreclosing bank will not "reinstate" mortgages that were given to your grandparents.

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