please help..brand new to the game
I recently acquired a tax sale cert from a family member who acquired it nearly two years ago. I performed a title search and the property is 'free and clear' of any mortgages or misc. charges. I was advised that I need to file foreclosure before the deadline or else I will lose my iinvestment. Please advise me on the next step I should take....the deadline is Wednesday 5/14...
You don't tell us your state, so what I can tell you is that in New Jersey, an Investor who purchases a muni tax lien certificate at auction must wait two years before he/she can initiate foreclosure. Meaning that the homeowner has two years to redeem the certificate. If the homeowner doesn't redeem, than the tax lien certificate holder is in a position to acquire title to the property.
I am in Maryland...I went to the foreclosure office in the courthouse today and I was told that I can either pay a lawyer to file, or I can file on my own...I am under the impression that if I study this myself at a law library that I can get it done. My only concern is whether or not I am headed in the right direction by doing so.
Call an attorney. Ask when/if there is a deadline to foreclose on a tax lien certificate. If not, no rush. Use an attorney. This is way too complicated for an inexperienced layperson.
If you can't afford to use an attorney, perhaps you could sell/assign the certificate to an Investor in Maryland.