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If I live in NY and buy a foreclosed property will liens…

If I live in NY...
If I live in NY and buy a foreclosed property will liens such as second mortgages, creditor's liens and workman's compensation liens be wiped out with the foreclosure?
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Answered in 1 minute by:
2/26/2017
Richard
Richard, Lawyer
Category: Real Estate Law
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good morning. Yes, a foreclosure in NY will extinguish the liens you mentioned. The only liens that you need to worry about that have priority over a mortgage are property tax liens and HOA liens. So, you want to make sure there are no unpaid property taxes or HOA dues/assessments as these won't be extinguished in the event of a foreclosure of a mortgage.

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Richard
Richard, Lawyer
Category: Real Estate Law
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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