Tax Lien Experts - Posted by BR2

Posted by BRnBA on March 03, 1999 at 16:37:18:

You should probably ask your county treasurer, he/she could probably help you out. In my state when you buy a foreclosure at the sherriffs sale, it’s yours, no redemption period. If you purchased John Beck’s material it’s in there, read it again.

Tax Lien Experts - Posted by BR2

Posted by BR2 on March 02, 1999 at 19:27:03:

Purchased a foreclosed home in July of 98. The tax lien for 95 was purchased by another individual. I know taxes for 96 weren’t paid and the tax cert. will be sold this year.

Should I purchase the tax lien certificate, or wait and settle with everyone after the redemption period? I know the guy that purchased the 95 certificate will be there in hopes of obtaining this property somewhere down the line. What happens when 2 individuals want the same tax lien certificate?

All responses appreciated.

Thanks Guys! - Posted by BR2

Posted by BR2 on March 03, 1999 at 14:50:26:

Just returned from the courthouse. Homeowner paid taxes for '95. I guess I’ll go to the tax sale this year and purchase the '96 tax certificate.

Thanks again.

Re: Tax Lien Experts - Posted by Ben

Posted by Ben on March 03, 1999 at 07:57:04:

Again, tax lien laws vary from state to state. It would help to know where you are. Generally, though
the property owner is legally barred from purchasing the tax lien on his own property. His remedy is to pay the taxes off,not to buy the lien, essentially because he unfairly jumps ahead of the mortgage holder in priority, thereby benefitting from his own delinquency. In response to your other question, when two people want the same certificate, that’s where bidding comes in. In NJ, the interest rate is bid down which is another reason the property owner cannot bid on the lien, he would be lowering his own interest rate. Ben

Re: Tax Lien Experts - Posted by BRnBA

Posted by BRnBA on March 03, 1999 at 01:57:57:

Certificate process is unique to each state, but generally you will need to redeem the certificate from the other individual and pay all outstanding taxes. If you don’t, and wait till the redemption period is up the other individual will end up owning the property free and clear, you snooze you lose. As far as “what happens when two people want to purchase the same certificate”, it depends on the process in your state. My state is first come first served. I would highly recommend purchasing a course designed for your particular state.

See John Beck’s articles! - Posted by Terry Vaughan

Posted by Terry Vaughan on March 02, 1999 at 22:23:10:

See john Beck’s articles in the “How To” section of this site.

John is know as THE attorney on the subject of Tax Liens.

Re: Tax Lien Experts - Posted by BR2

Posted by BR2 on March 03, 1999 at 09:10:19:

Am I considered a legal owner? The redemption period on the foreclosed property is July of this year. I thought I had no claims on this property until the redemption period expired.

Re: Tax Lien Experts - Posted by BR2

Posted by BR2 on March 03, 1999 at 09:43:58:

Purchased a tax lien course last year. I don’t know why, but I always seem to have questions that aren’t covered (I think I’ll dig it out again, maybe I missed a few things).

Thanks for the input.