A junior lienholder in New York wants to protect their interest in a property that is being foreclosed by the senior mortgagee. What action must the junior lienholder take to preserve their rights?
Correct Answer
A) Intervene in the senior lender's foreclosure action
A junior lienholder must intervene in the senior lender's foreclosure action to protect their interest. Intervention allows the junior lienholder to participate in the proceedings and protect their rights to any surplus from the foreclosure sale.
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