Posted by John Merchant on June 01, 2010 at 11:04:18:
Bank cannot come after you unless you signed the note personally. If you did, then I’d say yes, they can take a NY J against you then record and file collection actions against you in any other state.
This used to be pretty tedious and costly procedure but collection of “Foreign Judgments” got a lot easier with the passage in most states of Uniform Act regarding Foreign Judgments a few years back.
Google for Uniform Acts, then look for Foreign Judgments and see what states have enacted that “Uniform” legislation.
Foreclosure 2nd Property in NY assets not in NY. - Posted by Susan Kees
Posted by Susan Kees on June 01, 2010 at 07:35:26:
I have a 2nd home in NY (Queens). Cannot seem to get it refinanced because it is not considered my primary residence. High interest rate. My name only is on note - loan payments were not suppose to be made by me. Income now does not support a refinance even if it was to be considered my primary residence - too low. There is another person on the deed (yes, how stupid of me). If I default on this mortgage can the bank come after property owned in another state? It is my understanding there are eight states that would be protected against this happening. How would this affect my credit rating??
There are states, such as MA, the require collections to
be performed by an in state licensed agency and through
their courts, which are very hard to get through.