Help Me Understand
I have a friend that sold a property in San Antonio in 1992. He is the mortgage holder also. Last week he gets a notice that he's being sued for property taxes on the property for 2001, 2002, and 2003. Where's the process go from here?
Can he pay the taxes and regain ownership of the property? What happens if he ignores this? Will he need a local attorney to handle this for him?
Thanks,
Jeff
Jeff,
Hope all is well with you! Your friend must hurry up and check within his San Antonio, TX tax jurisdiction to see if his Rights of Redemption have expired! You mentioned a few years of taxes! If not expired, he usually can redeem for back taxes plus interest and penalties. Maybe someone has seen his dilema and already paid the tax and is now trying to forclose his redemption. He may even have to pay that person back expenses. Check the law asap! Good luck and be encouraged.
Thanks for the encouragement, I understand how the process works in general, and Arizona, where I live. But my experience in Texas is non existent. Anyone with Texas specific info?
Thanks, Jeff
jeff12002--(AZ)------------
I am not quite clear on what your friend got.
However, the general way to handle this for the lender to pay the property taxes, then demand reinbursement from the property owner, then, if there is no reinbursement, do a foreclosure on his loan. The mortgage or deed of trust must specify that the lender has this remedy for unpaid senior obligations. But I have never seen one that did not.
Good Investing********Ron Starr**********