Legal Question in Real Estate Law in New York
I am the mortgage holder on a commercial property. The owner has defaulted on the payments and I want to forclose. However the county put a tax lien for unpaid property taxes. If I pay those taxes will I get the property immediatly or will I still have to go through the forclosure process? Just trying to see if it is worth it as the proprty has very high taxes. Don't want to be stuck paying more taxes on it while going through a forclosure process.
3 Answers from Attorneys
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You will satisfy the tax lien, but you still need to foreclose.
Once the lien is satisfied, you will no longer need to compete with the county for the proceeds of the property.
If you don't pay the Real Estate taxes, then the tax authorities will, sooner or later, take the property. If you do pay the taxes, you add them to the debt that you are suing for. And most likely you will need to pay the taxes before the auction sale: the bidders are entitled to know that they are not buying liabilities; their bids may be unenforceable; and you should know that there is a reason why banks pay the property taxes as a matter of course.
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