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Katie Levey
  • Rockaway Park, NY
1
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Foreclosure and lien rules in New York -- advice sought

Katie Levey
  • Rockaway Park, NY
Posted

I'm in a small building in New York City with 3 condos, and am seeking advice on a situation.  1 of the 3 units was abandoned 9 years ago, and the condo association has put a lien on the money owed on the common charges. 

The bank has taken far too long to foreclose for reasons I won't dive into here. They will, it looks like, foreclose within the next 1 - 2 years. 

In New York City, does the bank have to resolve the condo association lien to take title of the unit and complete its foreclosure?  Or can it proceed with foreclosure and if there is money left over after the bank is paid, the condo association will get paid?

I've heard different things depending on which attorney I talk to.  Would very much appreciate the insights of this Forum.

Thank you.

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