A mortgagee upon condemnation of the property is not without resources. The mortgagee wants to be paid the principal balance on the secured debt. With respect to the mortgage payoff, “It is well established that, upon the vesting of title in a condemnation proceeding, all lien interests in the subject property by virtue of mortgages, unpaid taxes, or unsatisfied judgments, are extinguished (see, In re County of Nassau [Gelb – Siegel], 24 NY2d 621, 626; Copp v Sands Point Marina, 17 NY2d 291, 293; Muldoon v Mid-Bronx Holding Corp., 287… read more
July 27, 2021