Another Tax Sale Question
All, I am trying to find out is. Can a house in a tax sale have a mortage? and Secondly if so...If redeemed or purchase the property. Do I have to take over the mortage? I keep getting a beat around the bush answer to this quesiton. Then if no one purchases the house in the tax sale, where does the house end up after that? Does it go to the Sherriff Sale or where? Just trying to figure the big picture of this whole realty game!
Thanks
Sacred Hoops--(IN)------------------
First, there are very few houses that get tax deeded. Most of the properties are vacant parcels.
In some states a loan secured against a property will stay on the property after the tax sales. I believe this is so for ME and NM. It may be so for some other states.
I believe in IN the property will free of liens, loans, and judgments after a tax deed is gotten. However, you really should study the state law to confirm this. Or talk to an attorney knowledgeable in this part of the law. Few will be.
You could check some of the country treasurer's websites and see if any of them treat this issue.
Good Investing**************Ron Starr***********
Sacred Hoops--(IN)------------------
First, there are very few houses that get tax deeded. Most of the properties are vacant parcels.
In some states a loan secured against a property will stay on the property after the tax sales. I believe this is so for ME and NM. It may be so for some other states.
I believe in IN the property will free of liens, loans, and judgments after a tax deed is gotten. However, you really should study the state law to confirm this. Or talk to an attorney knowledgeable in this part of the law. Few will be.
You could check some of the country treasurer's websites and see if any of them treat this issue.
Good Investing**************Ron Starr***********
Quote:
On 2004-09-12 09:47, Sacredhoops wrote:
All, I am trying to find out is. Can a house in a tax sale have a mortage? and Secondly if so...If redeemed or purchase the property. Do I have to take over the mortage? I keep getting a beat around the bush answer to this quesiton. Then if no one purchases the house in the tax sale, where does the house end up after that? Does it go to the Sherriff Sale or where? Just trying to figure the big picture of this whole realty game!
Thanks
Generally speaking, all governmental liens will survive a tax sale. That includes, but is not limited to IRS or code enforcement liens. In Florida, a code enforcement lien against any property owned by the same owner, can be enforced against any other property that he owns in the same county.
When you do your research, you must not only research the property you are interested in buying, you must also research all property owned by that owner in the same county as the sale property.