tax liens-hope this is the correct board. - Posted by Joel

Real Estate Investing Real Estate Law
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Posted by hg(nyc) on November 03, 2000 at 10:03:13:

That is helpful information. I may need your assistance down the road with my liens in NJ.

But, I am still wondering. In your experience, out of ten liens where foreclosure is commenced, what is the number that will redeem?

tia

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tax liens-hope this is the correct board. - Posted by Joel

Posted by Joel on October 30, 2000 at 10:31:38:

Thanks in advance for any help.

I hope I posted this on the correct board.

If I buy a tax lien, how am I redeemed? What if the owner of the property doesn’t want to remove the lien? Am I stuck holding the lien indefinetly?

Thanks,

Joel

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Re: tax liens-hope this is the correct board. - Posted by Ron Ohara

Posted by Ron Ohara on October 30, 2000 at 20:54:58:

One way to find out what recourse you may or may not have is to contact the local County Assessor’s Office regarding Tax Liens. Another way is to contact a Real Estate Attorney located in that County to see what recourse you may have should you wish to purchase a Tax Lien.

Ron Ohara
Capital 500 Funding

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Re: tax liens-hope this is the correct board. - Posted by Ben (NJ)

Posted by Ben (NJ) on October 30, 2000 at 19:20:06:

Your state may be different but in NJ if the lien has gone out for two years the lienholder can begin foreclosure proceedings and take title to the property. Once foreclosure begins, the lien will most likely be paid sooner or later.

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Re: tax liens-hope this is the correct board. - Posted by hg(nyc)

Posted by hg(nyc) on November 02, 2000 at 20:12:38:

Can you provide any stats on the redemption rate after foreclosure is commenced in NJ?

I am curious as to the cost effectiveness after foreclosure is started. If most are redeemed then the legal expenses [to bring the suit] can wipe out the accrued interest.

Thanks

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Re: tax liens-hope this is the correct board. - Posted by Ben (NJ)

Posted by Ben (NJ) on November 02, 2000 at 21:17:12:

Not necessarily, althoughI am an attorney and do most of my own foreclosure work, most foreclosure attorneys will employ a sliding scale fee arrangement. In other words 50$ for the initial letter, if that doesnt get it paid then $300 for the complaint, if that doesn;t workm $200 for default papers. Also, $350 is recoverable from the property owner as well as title report fees, service fees etc.