Tax Sale Question - Posted by AL

Posted by Ronald * Starr(in No CA) on July 15, 2002 at 24:28:41:


I would guess probably so. But why settle for that answer? Just find a website that has the FL statutes on it and study the law about collection of deliquent taxes in the state.

The lien-holders will NOT be wiped off if they were not given adequate notification of the proposed tax auction so that they can protect their interest by paying the delinquent taxes as an advance on their loan, requesting repayment, and–if they do not get it–do their own foreclosure on the property.

This means that few properties with liens on them even get to a tax auction. If the property owner does not pay the back taxes, the lender usually will do so, so that their collateral is not yanked away from them at a tax auction.

Interestingly enough, I have heard that a couple of the houses that I have bought on tax resales in OK had lenders with loans greater than the value of the properties. I have never verified these rumors. But, if true, this is somewhat counter-intuitive to me. But, when you deal with tax sales, you are dealing with the fringes of reality. You have to be comfortable never understanding what happened.

Good InvestingRon Starr****

Tax Sale Question - Posted by AL

Posted by AL on July 14, 2002 at 20:52:13:

I am in Florida and I want to buy property at a tax sale auction. my qusetion is if you buy property at auction and it has a 1st mortgage on it what happens? Is it wiped out? Any help would be greatly appreciated.