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Updated about 6 years ago on .

User Stats

258
Posts
63
Votes
Isaac El
  • Springfield Gardens, NY
63
Votes |
258
Posts

Foreclosure question - Strict Foreclosure? and General Question

Isaac El
  • Springfield Gardens, NY
Posted

I just bought a property at foreclosure auction, and noticed the city had a small lien with violations against the owner.  I called city to get a release because in NY City, the foreclosure action cuts off all liens.  It turned out there is a much bigger lien that the title company didn't pick up, reason being the city spelled owners name wrong.  Now the bank is saying they need to do a "strict foreclosure" - Right now they have my deposit and who knows how long this process takes.  Can anybody give more info? 

Also - I was reading the judgement of foreclosure, this might be a stupid question, but why does the bank also list for example "nyc traffic violations" as a defendant to the case, in addition to the name of the person being foreclosed? I am assuming because the person has outstanding parking tickets, but why would that be listed here?