Mastering Foreclosures: About Condominium Foreclosures FAQs

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Learn the New York Foreclosure Processes

• Overview

• Step 1: Lis Pendens Filings:
The Case Begins

• Step 2: Foreclosure Auction:
The Auction is Scheduled

• Step 3: REO: No Bidders at
Auction? Back to the Bank

All About Tax Lien Foreclosures

• Overview

• FAQ

All About Co-op Foreclosures

• Overview

• FAQ

All About Foreclosure for Unpaid Common Charges

• Overview

• FAQ

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All About Unpaid Common Charge Foreclosures FAQ

FAQ

Are foreclosure auctions for unpaid condominium charges conducted like mortgage foreclosure auctions?
Yes.

If I am the successful bidder at an auction for the foreclosure of unpaid common charges and there is an open mortgage against the condominium unit that I bid on, when will I have to pay that open mortgage?
When you close in 30 days.


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