Need Answer About Tax Lien Disagreement
I am in New Jersey and have bought several tax lien certificates in the past, but all have been redeemed. Recently I was talking to an acquaintance who is an experienced investor. She insists that if the tax lien is not satisfied by the owner, the certificate holder has to pay off all mortgages to obtain the deed/property. I have always understood that the municipal tax lien becomes the first position lien in such cases and that the certificate holder receives the deed free and clear if the redemtion period passes and the owner does not pay the taxes owed.
Can someone who knows the answer to this question please give me some clarity here?
Thanks.
Man the iowa tax sale sucked. Of course this was my first time but what’s will all the companies with like 150 employees there? These outside investing firms hire like 100+ temps for 3 days. And all these yahoos do is just say SOLD when their lottery number comes up. Basically, you’re given a number. Let’s say 1955. They go through each property in the list and the computer randomly pulls up a number. The person with the number says SOLD or PASS. 90% of the people there have a booklet that the company put together that tells them to either buy or not. Our number came up 4 times during the day. 3 on properties worth like $15, we passed on those.
I did get into an argument with some guy from one of the companies. He was “saving” seats for all his people. Um, sorry, can’t do that. Says right on the rules, if you’re not seating in the seat, you can’t just be saving it for someone. We went back and forth on it. Told him to go talk to mary malony about it if he has a problem. Kind of pisses me off that it makes it harder to the individual investor to really do anything.