Please Help In NJ
I am hoping someone can help with this delemna.
If an investor bought a Tax lien off of the city and foreclosed (right of redemption period) Can the buyer just sign over the house if they wanted to legally? and if so, Will the mortgages be null and void? There are no monthly payments on mortgages... they are just liens. I do know that the water & sewer lien has to be paid ultimately. Will the property be bought free and clear???
City Tax lien of $4,500
Water/Sewer lien $1,600
Mortgage lien $34,000
2nd Mortgage lien $6,000
The house will appraise for $70,000
Can someone please help with this question?
A properly conducted tax lien foreclosure will extinguish all junior liens including mortgages.
The Homeowner could sign over the property to the tax lien certificate holder, but the tax lienholder would have to initiate and complete a foreclosure for the juniors to be extinguiished.
A properly conducted tax lien foreclosure would require that the tax lienholder notify all juniors...