If a county seizes property for taxes, does the mortgage company lose its claim on the property?

Asked on September 22, 2012 under Real Estate Law, New York

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If a county or city taxing authority seizes the property pursuant to a tax auction then it could be in the first or second lien holder position. You need to determine whether your mortgage holder is the first position or the second position but it doesn't necessarily mean that the mortgage company loses its claim.  Check with your mortgage company to determine if you need to file for a loan modification a reaffirmation alone or if you can buy it back.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.