What financial obligation does property Tax lien investors have during the 1 year redemption period?
Posted by admin | Posted in Home | Posted on 16-01-2009
Tags: Financial Obligation, Investors, Redemption Period
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T L asked:
After winning the tax lien auction and paying the promised amount + misc fees, what other financial obligation does property Tax lien investors have during the 1 year redemption period if there is an outstanding mortgage on the property?
Content by Alvisa Rizky
After winning the tax lien auction and paying the promised amount + misc fees, what other financial obligation does property Tax lien investors have during the 1 year redemption period if there is an outstanding mortgage on the property?
Content by Alvisa Rizky
Content by Angel Ponsel
You win the monthly billing for the mortgage as it is attached as part of the real estate now. If you don’t pay the taxes the mortgage company has to cus it belongs to them in reality.
Content by Book Store
words_that_live_on is completely incorrect, and obviously has not ever bought a tax lien.
You have no financial obligation whatsoever on this piece of property. You have now become a lienholder on the property. What this means is that if the current owner of the property wants to transfer ownership (sell) or refinance the property, he/she must pay you off, along with any other lienholders, first.
Nice thing is, if the owner does not pay you off, and the next years taxes are not paid either, you have first dibs on them. If this happens for 3 years, you can petition with the county to own the property. There are a few forms to fill out, some fees to pay, and some time to wait. Also, the lender can go ahead and pay you off so they don’t lose their investment.
Don’t expect this to happen, though, as it’s a pretty long shot to complete this – maybe one in a thousand.