What Happens After Redemption Period Is Over On A Taxlien
Suppose i recieve tax lien certificate at an auction. suppose the redemption period is 1 yr. suppose the person does not pay the back taxes and the interest owed to me at the end, do i automatically recieve the title to the house or does this mean that i just get first bids to offer on the house at another auction.
drewflow1--(NY)----------------
Every state has different laws. You have to study the law where you plan to invest. However, I know only one state where you have to compete to get a property at another auction after you own the tax lien. That state is FL.
In most states you either do a foreclosure action on your lien or else you turn it in to the taxing authority from whom you bought the lien and they do an administrative action to issue you a tax deed. In OK, which I know, the owner of the tax lien certificate has to send notices of all parties of interest in the property that s/he is applying for a tax deed. If the taxes are not paid within 60 days, the investor can take the lien into the county treasurer's office and will get a tax deed issued.
Good Investing**************Ron Starr************
drewflow1--(NY)----------------
Every state has different laws. You have to study the law where you plan to invest. However, I know only one state where you have to compete to get a property at another auction after you own the tax lien. That state is FL.
In most states you either do a foreclosure action on your lien or else you turn it in to the taxing authority from whom you bought the lien and they do an administrative action to issue you a tax deed. In OK, which I know, the owner of the tax lien certificate has to send notices of all parties of interest in the property that s/he is applying for a tax deed. If the taxes are not paid within 60 days, the investor can take the lien into the county treasurer's office and will get a tax deed issued.
Good Investing**************Ron Starr************