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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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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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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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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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