Today 02/03/09 NY Post published more than 100 pages of Tax Lien properties on all the boroughs. This was the definition of such which was also on the paper.
"When the City sells a lien, it is not selling the property. The new lien holder does not take title to the property. Rather, the lienholder purchase the right to collect the money that was owed to the City. Ultimately, however, if the property owner does not pay what is owed, the lien holder can begin a formal foreclosure proceeding incourt".
Guy's! Is this is a good deal or I was thinking who would want to go through court proceeding and all if there are other methods available to obtain real estate.
Any suggestion would be very much appreciated.