Buying A Preforeclosure Note?
Can you experienced note buyers tell me what some hidden costs may be when buying a preforeclosure note? What if the taxes are way past due, or any possible liens? Do these become the buyers responsibility? I would appreciate any advice!
Property taxes is the responsibility of the homeowner. If there was an escrow account set up, the property taxes are usually paid in advance by the noteholder. Then, the noteholder collects 1/12th every month from the homeowner.