Tax lein properties
- Thread starter e-lie
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Docs
Banned
Yeah. The property is repossessed by the bank or the big G when taxes/mortgage isn't paid. Depending on how much is owed, how the loans are set up, it can be a bargain, a loss, or a hassle.
Leins are essentially what a bank does. You borrow money from the bank for the property, the bank has a lein again'st your property where if you fail to pay enough times, they can seize the property.
Leins are essentially what a bank does. You borrow money from the bank for the property, the bank has a lein again'st your property where if you fail to pay enough times, they can seize the property.
Docs
Banned
No recommendations.
Page
Master Don Juan
Docs said:
No.
Tax liens are different.
When you don't pay your property tax, you get a tax lien slapped on your property. This is not a bank lien, this is a government lien.
I can come along and buy the tax lien (usually at auction for pennies on the dollar) , pay off the back taxes. The property then enters a redemption period and after a few months one of 2 things can happen:
1. I can foreclose on you at the end of the redemption period. The property becomes mine, free and clear. Any mortgages are wiped out as a result of the lien, (State debts trump other creditors, so the banks take a loss in this situation) so I can keep the property or resell it at full market value.
2. you can redeem the lien by paying what you owe during the redemption period.. In such a scenario, you keep the property and i get my deposit back with interest. (the rate varies by state but it can be as high as 50% like it is in Texas)
Docs
Banned
Ahhh...I am confused then.
Enlighten us more
-Any difference between our two countries?
Enlighten us more
-Any difference between our two countries?
spider_007
Master Don Juan
hey docks
i found this site, seems to be some good info on it....i'm still looking thought it.
http://www.taxsaleproperties.com/
i found this site, seems to be some good info on it....i'm still looking thought it.
http://www.taxsaleproperties.com/
Docs
Banned
I have it sending me the weekly properties. There's 17 in Toronto right now. I'm still confused on the matter though
Page
Master Don Juan
probably, but I don't know how it is in other countries.Docs said:Enlighten us more
-Any difference between our two countries?
I recommend getting a few books and reading up on it. Some seminars (From companies such as Income Strategies Institute) also teach this, but seminars that teach anything worthwhile instead of just teaser info can be very expensive (a few thousand $$$, easily). Similar info can be found in books for a lot less.
Bible_Belt
Master Don Juan
I'd recommend that you go to your local courthouse or government building and ask the employees. Also, real estate auctions are great places to meet investors who are usually very open about teaching the basics to new people.
Fascism Fun
Don Juan
www.creonline.com is very helpful. Nice section with success stories as well.
Phazuka
Don Juan
Any links about Tax Properties for the US?
Last Man Standing
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A lien on the property is an amount that is owed to someone - for whatever reason - it could be court ordered - must pay before you sell your property or the new owner is responsible! This is why you get a "title check" before you buy the property to determine if the property is cleared of any debts.
blackbirdbeatle
Senior Don Juan
Ya my dad has a few leins on some houses/acreages. They didn't pay a large sum to his business, he got a court order, interest piled up and now they basically might as well just give him thier house. They also went on many vacations and bought skijets and such in the meantime so it's not like they couldn't pay.