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4 Responses to “How can I Own a home after I purchase a Tax Lien on a property in …”
How can I Own a home after I purchase a Tax Lien on a property in CA?
I’ve read and heard the following:
*If the owners of the property continues to not pay the property tax, All mortgages are wiped out? is this TRUE or FALSE?
* How can I own the property "Free and Clean" if the owner does not pay the property tax, and the home goes into foreclosure, he does not file bankruptcy?
*What about the other Liens on the property? Mortgage Liens?
* is this a good investment buying Tax Liens ( to potential become ownership)? free & Clear?
ONLY Real Answers please, NO negative remarks ..
5 points to best answer.
Real experience/professional preferred.
Thank You.
spelling error;
FREE AND CLEAR OF OWNERSHIP
Thank YOU!
Comment made on February 4th, 2010 at 7:59 pmYou will need a title insurance policy to assure you that you have a free and clear title.
In several states it will be six months or even longer that you have to wait after the auction before you can be sure it is your home.
Most people I know that "buy" these at auction intend to sell the tax debt back to the owners at a profit- and never intend to own the house. I don’t know anyone that bought a worthwhile house for a very low amount of money at one of these.
Comment made on February 5th, 2010 at 1:01 amReferences :
Owning a tax lien is just that. You own a lien, ie a debt, not any property.
Tax liens do not wipe out any other liens and not never first, always second to a mortgage. You could loose your entire investment if the house forecloses, as the mortgages will be paid before you will. There could be many other liens in front of you as well.
Whoever told you that tax liens are "free and clear" is conning you, it is a VERY common scam. I am surprised anyone falls for it, but people fall for the Nigerian one day after day too.
Comment made on February 5th, 2010 at 1:03 amReferences :
first off not paying taxes the county has the power to take the house and sell it for what is owed if they miss 3 years or more here in washington state? usually if it has a big mortguage owed the bank will pay the taxes and pass on the bill to the buyer? if they don’t then it will be sold at a public aucton for what taxes is owed? i am not shure if all loans are wiped out or not? you have to ask a realstate person about that? i can’t see a bank or loan company not paying the taxes and loosing thousands of dollars of their money owed by the people buying it??
Comment made on February 5th, 2010 at 1:05 amReferences :
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