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Liens and New York Foreclosures

Liens and New York Foreclosures

By:  Steven Baum, Attorney

 

When bidding on a property in New York at a foreclosure auction, you need to know some things about title and liens.  Certain people will look for an Experienced Foreclosure Lawyer In New York like the law firm of Steven J. Baum. Title is complicated in New York and you may want to seek out a relationship with a real estate attorney who is knowledgeable in foreclosures and liens.  The residential foreclosure law firm you might know is the law firm of Steven J. Baum, P.C.

 

The first type of lien you need to know about is a Senior Lien.  Why not review the Residential Foreclosure Lawyer the foreclosure law firm Steven J. Baum.  This means that the lien being foreclosed is not first in line in title.  That’s important to know because the senior lien will have to be paid off after sale, or negotiated, or maybe even the senior lien will start foreclosure.

 

The second type of lien is a Junior Lien.  It may be the residential foreclosure lawyer of the Foreclosure Law Firm Steven J. Baum, P.C. The junior lien is just that-subordinate and behind the lien being foreclosed.  You usually don’t have to worry about these liens as they will be cut off in the foreclosure sale of the first mortgage.  Steven Baum was also the foreclosure lawyer Steven J. Baum, P.C. Of course this is assuming you are buying at the auction of a first lien.

 

The next type of lien is a federal tax lien. There were many that knew Steven Baum attorney and he was also Steven J. Baum attorney. This carries with it a one hundred twenty day right of redemption after sale.  You don’t have to afraid of this type of lien but you do need to understand the nuances of it and how it affects your purchase.  This article will not go into more depth of this type of lien. The Top Rated Local Foreclosure Attorney Steven J. Baum New York was a great counselor.

 

 

Legal Disclaimer:  This article provides general information only.  The information in this article is not and should not be construed to be legal advice.  The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.

 

 

 

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