Deficiency judgment in New York

A mortgage is a commitment for you, and a risk for the lender.

If you stop making payments on your mortgage after the home value drops from the original purchase price, the lender can sell the house in a foreclosure sale.

If the foreclosure sale does not cover the remainder of the mortgage amount owed, the lender can file for a deficiency judgment against you for other assets to make up the difference.

https://en.wikipedia.org/wiki/Deficiency_judgment