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Thomas Swartz
Thomas Swartz, Lawyer
Category: Real Estate Law
Satisfied Customers: 3049
Experience:  Twenty one years experience as a lawyer in New York and New Jersey. Former Appellate Law Clerk.
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If Westchester County, N.Y. forecloses on a commercial parcel

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If Westchester County, N.Y. forecloses on a commercial parcel of property because of failure to pay back taxes and puts it up for auction, does the county keep the total proceeds of the auction sale or do the lien holders get to split whatever monies are left after the taxes are paid ?
Hello JACUSTOMER,

The county would only get that amount to pay off the back taxes. If there are any proceeds left from the sale, they would be distributed to the remaining lien holders according to the priorities of liens which is based on which lien is recorded first. This means that the first lien holder to record their lien would be paid off first, the second lien holder to record their lien would be paid second etc. In other words, the remaining lien holders do not split equally the remaining proceeds. They are distributed in the order of which lien holder recorded their lien first.

Thomas
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