Missouri Tax Lien- Can The Owner Redeem After 1 Year?
This is my first tax lien deal. I purchased the certificate last year at the sale, waited till the one year period expired. The last day of the one year period had my attorney send out the legal notices to the owners (there were no other lien holders).
Per my attorney, there are two conflicting statutes for Missouri that can affect my right to the property. Statue....405 states that 90 day notices need to be served, however statute...420 states that after the one year period expires, legally the peoperty passes to me.
The reason for my dilemna(?) is that a 3rd party "friend"is attempting to redeem the property (which I believe is another investor scooping my deal). My attorney said that there is legal precedence for me to get the property as there is a recent court case that did not allow for a 3rd party redemption or sale after the expiration of one year.
I still have about 70 days left of the 90 day wait period, and am wondering if any experienced tax lien investors have any advice on the situation. My county collector acknowledged that those statutes are vague and open to interpretation.............. Can anyone come in and cut me out after the year is up???????
Welll, I wanted to send it out 90 days prior, but the attorney I hired said that there was legal precedence for getting the property after the one year, as long as I sent my notices. She said the way she read the statutes, the 90 day period applied only to the lien holders, in this case there were none. She said
that the owners lost a lot of rights after the year was up regardless..
I do plan on sending my notices 90 days prior to the expiration next time around.....
I am just wondering if any Joe Blo can offer to undercut me and redeem the property?
Sorry to say this but you need another attorney.
Statute 140.420 does give you right to the property IF you have complied with 140.405. If you do not comply with 140.405 then at the end of two years the property goes back to the original owner, free and clear, as you have paid the taxes for him/her. Read and study very closely 140.405 You know by now that NewKid is correct is stating you have extended the redemption time. I guess you also know that you have 2 years to complete the process of claiming the property if it is not redeemed. 140.405 also says that once you have notified the county collector BY affidavit that proper notice has been given then anyone with a publicly recorded deed of trust, mortgage, lease, lien or claim upon the property shall have ninety days to redeem said property . It does not say that any Joe Blow can come and get the property. However, any Joe Blow may come and pay the monies you spent at the tax sale and then the original owners gets the properties back into their name, but not into Joe Blows name. But then Joe Blow could come and purchase the property from the owner directly.
Could you enlighten me on the case where your attorney said that there is legal precedence for me to get the property as there is a recent court case that did not allow for a 3rd party redemption or sale after the expiration of one year.
Can anyone come in and cut me out after the year is up??????? The answer is “yes”. BUT
And there are so many variables to this answer
.
I do not live that far from you. If you want to chat sometime let me know.
Tedo-101
Sure thing. Would love to have you join us. How much lead time or advanced notice do you need. KC is about a 4 hr drive. If we set up a meeting and you can make it here, then I will buy you lunch at the mess hall.
We are willing to meet anywhere in Springfield or Verona, too. A couple of days notice would be fine. I will PM you with my contact info.....Thanks