Tax Foreclosure
Hi guys, I posted this on the law and legal forum so hopefully someone can help me out.......
I have an investment home in NY that I purchased 4 years ago. There is no mortgage on the home but there are tax arrears of appx 15K. My question is what happens if i dont pay these arrears and simply let the city foreclose and take the house back. Lets say it goes to auction and fetches 30K? Do i get the balance of 15K and will it effect my credit score if it does? Any help/advice would be appreciated.
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