Foreclosure On Tax Certificates
We purchased a tax lien certificate for commercial land. The company we brought the certificate from says the property is ready to be foreclosed on. The redemption period has ended.
Ohio requires Judicial foreclosures, we cannot afford a lawyer. Does anyone have any info on where I can find assitance on how to do foreclosures? I have checked amazon, barnes and noble but no luck.
Thanks
the mortgage is foreclosing?
If they foreclose, will they just pay you off since your a sr. note?
The vacant commercial lot was owned by a person that passed away last year. There was no mortgage. The original owners of the tax certificate tried to located her twice. The mail come back undeliverable., I own a Judgement Recovery Business and was able obtain info that she passed away in Sept 2007.
The redemption period has ended.
As the tax lien certificate holders my husband and I have to do a Judicial foreclosure on the property since the previous owner cannot pay the taxes.
Contact an attorney. Each state has its own procedures for notification of interested parties and for redemption following the foreclosure.
An option is to sell your tax lien certificate to another investor.
Redemption process is state specific. In my area, the homeowner still goes to the county property tax collector to redeem the tax lien. The county then pays the lien holder whatever is due from the redemption.