Anyone ever done this??? - Posted by Warner(ATL)

import · April 21, 2018, 4:37pm

Posted by Ben (NJ) on March 10, 2001 at 17:22:01:

NJ has a policy against “heir-hunters”. N.J.S.A. 54:5-89.1 provides “No person, however, shall be admitted as a party to such action, nor shall he have the right to redeem the lands from the tax sale whenever it shall appear that he has acquired such interest in the lands for a nominal consideration after the filing of the complaint, except where such transferee is related by blood or marriage to, or who, because of other close or personal relationship with the transferor, would in normal course be a party to an instrument for little or no consideration, or where such party acquired his interest at a judicial sale”. You need to
check if your state has a similar law.

import · April 22, 2018, 4:25am

Posted by Warner(ATL) on March 10, 2001 at 16:46:44:

I am pursuing a tax foreclosure property that currently has a tenant. The tenant because of their interest is listed as having a right of redemption. I would like to obtain their leasehold interest via quickclaim deed in order to have the legal right to redeem the property. I’ll in essence be a junior lienholder with the right to protect my position…or will I???

Thanx,
Warner

import · April 22, 2018, 4:25am

Re: Anyone ever done this??? - Posted by JD

Posted by JD on March 10, 2001 at 19:56:50:

A. Just because the tennant is on the mailing list doesnt necessarily mean they have a right of redemption (it seems to me this might be what you are implying, I am not familiar with GA law).
B. You could only obtain a lease hold interest through a sublease (not a quit claim deed). This would only be valid if their lease does not have a prohibition against subleases (highly unlikely).
C. It is unlikely they could just assign you their redemption rights seperate from the leasehold estate, you would probably have to be on the lease (GA State law unknown to me). Or you would have to enter into a complicated contract with them where you would file an intent to redeem in their name, put up the money for them, then they would Deed you the property.
D) I have redeemed Tax sale properties as a judgment/HOA creditor, this has not gotten me a Deed, it has only bought me time in which to foreclose on said lien. I strongly suspect you would have to do the same thing, but again I am not familiar with GA law.

import · April 22, 2018, 4:25am

One more caveat… - Posted by Ben (NJ)

Posted by Ben (NJ) on March 10, 2001 at 17:54:43:

even if you are permitted to redeem by state law, make dead sure you ARE accorded the status of junior lienholder. Otherwise you are just doing the property owner a favor and paying off his delinquent taxes. You will be the object of much laughter if that turns out to be the case. Consult an experienced tax foreclosure attorney before you do anything.