When Is a Mortgage Guarantee Not Worth the Price of a Notary? - The Incongruent Judicial Application of New York’s Deficiency Judgment Statute

Authors

Benjamin Gruberg, Benjamin N. Cardozo School of Law

Abstract

Collateral for a mortgage is usually real property which, in the event that the mortgagor (borrower) defaults, is often sold by the mortgagee (lender) in a foreclosure sale. When the collateral consists of multiple parcels of real property and sale of the first parcel fails to realize the full amount of the outstanding debt, a deficiency results. The mortgagee next expects to sell the remaining properties in an attempt to secure full payment of this deficiency.

Keywords

Environmental Law, Real Property, Property--Personal and Real, Remedies, Legislation

Disciplines

Environmental Law | Law | Legal Remedies | Legislation

Recommended Citation

Benjamin Gruberg, When Is a Mortgage Guarantee Not Worth the Price of a Notary? - The Incongruent Judicial Application of New York’s Deficiency Judgment Statute, 18 Cardozo L. Rev. 2053 (1997).
Available at: https://larc.cardozo.yu.edu/clr/vol18/iss6/8