QUESTION

I am on the Board of a Condo Association. One of our residents has a life estate in the unit she occupies, with two individuals being the remaindermen

Asked on Mar 30th, 2012 on Real Estate - New Jersey
More details to this question:
This is in the State of New Jersey. Real Estate taxes were not paid for the last few years, so a company bought the tax lien over 2 years ago and has paid all taxes on the propeerty since. Now they are filing for foreclosure. The condo assoc has a lien filed for $5,000+ for back condo fees, assessments and legal costs. Question 1. If the company with the tax lien follows through with foreclosure, can they evict the "life Tenant" (I know they would wipe out our lien. Question 2. If the condo assoc should bid the amount of the Tax Lien, there are no other bids, and no one else bids who has previous liens filed, do we buy just subject to the tax lien, or are we subject to any liens filed prior to our lien? Thank you.
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
Your lien comes after the real estate taxes, but before the mortgages.  You should join in the foreclosure case so your lien is part of the bid as a second lien.  There are forms for this.
Answered on Apr 15th, 2012 at 9:25 AM

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