Posted by Ben (NJ) on May 16, 2000 at 17:59:32:
only the property owner redeems (pays off the lien), the lienholder forecloses. You are right though, if the lien is more than two years old in NJ you can begin foreclosure immediately. As to the difficulty of
foreclosing, about 97% of liens gets redeemed, the inner cities have a lower ratio. Most large lien buyers are looking for interest and not property. I suspect these will get paid eventually but will require an outlay of legal fees, some time and aggravation (bankruptcies etc). This is why most liens are sold on the secondary market.