Tax Lien Sale HELP needed!!!!?
Well the tax sale auctions are coming up and I'm in Maryland and in my city if they don't sell a property in the tax sale it goes up to an assignment sale.
Is it true that once it is an assignment I can put it directly in foreclosure?
Also, what are the fees and legal documents I need to do in order for this to work?
I'm going to talk to a lawyer next week or so, but I don't want to be cheated or lied to. How much should a lawyer charge?
If their was a tax lien of say $500, and the interest per year is 18% how much would I spend on a tax lien sale? on a Assignment sale?
Thank you for your time and Thanks for answering any and all questions!
NOOOO ! In Maryland, when you purchase a tax lien, you do so in a competitive bidding process. Rules vary from county to county concerning the interest you can collect, as well as the redemption time period, which varies from six months to two years. Hence, the delinquent owner has at least six months, and possibly up to two years, to reclaim ownership of the property, and all you get is the specified interest on the tax delinquency.
Look into this VERY carefully before you invest.
3 Responses to “Tax Lien Sale HELP needed!!!!?”
You could pick it up for a couple hundred.
I am not sure what foreclosures have to do with it. They are not foreclosing property, they are selling liens. You buy the lien and the right to collect the tax….not the property.
An assignment sale is when you buy a block of 100 liens or so. (number will vary, but that is the idea, bulk debt)
Comment made on April 16th, 2009 at 8:12 pmReferences :
Lawyers charge by the hour. What they charge you will depend on how much of their time you utilize or consume.
This site gives a more than amble amount of information on Maryland Tax Lien Sales and also the Certificate Of Sale process. Owners have 4 months right of redemption to pay back the tax lien you purchased with expenses and interest. The rate of interest is 20% not 18%.
Also be advised in addition to purchasing a tax lien, you may be acquiring other less than desirable liens if you choose to foreclose on the right of redemption after 4 months.
http://www.montgomerycountymd.gov/apps/taxliensale/
Comment made on April 16th, 2009 at 8:55 pmReferences :
NOOOO ! In Maryland, when you purchase a tax lien, you do so in a competitive bidding process. Rules vary from county to county concerning the interest you can collect, as well as the redemption time period, which varies from six months to two years. Hence, the delinquent owner has at least six months, and possibly up to two years, to reclaim ownership of the property, and all you get is the specified interest on the tax delinquency.
Look into this VERY carefully before you invest.
Comment made on April 16th, 2009 at 9:20 pmReferences :
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