Posted by Max-Va on August 15, 2005 at 19:27:46:
What is the value of the property? How much is she behind on taxes? on Mortgage? If the numbers work get her to deed you the property and pay taxes and reinstate the mortgage. You are buying sub-2. Give more info to get other suggestions.
foreclosure and tax deed! - Posted by serena
Posted by serena on August 15, 2005 at 15:18:51:
I am looking at a property that is going to be sold at the tax deed sale at the end of the month. I contacted the owner and she is interested in selling. However, she has a mortgage on the property of $19,000 and the bank is prepared to start foreclosure proceedings on the property on any day. My question is how can the city sell this property for the taxes while the bank is about to starte foreclosure. If I am not able to get the property, What about the person who buys it at the tax deed sale?
foreclosure and tax deed! - Posted by Bill H
Posted by Bill H on August 15, 2005 at 22:42:46:
As Max-VA said, if there is enough in the deal go ahead and try your hand at sub-2.
As to tax liens…they are the most senior lien against your property. They will wipe everything junior to them off the title with some exceptions for various states. The IRS, if a lienholder, has an automatic 120 day Right of Redemption.
I do tax deed/lien/certificate investing…and what will happen 99.9 percent of the time is that the mortgagee will step in and pay the taxes at the last minute to avoid being wiped from title.
The person who buys at the tax sale will get it for taxes if the mortgagee does not step up and redeem before it matures to the tax lien purchaser.