Tax Lien Redemption Period?
Hey yall,
I have a friend whos taxes may be sold this month (Oct), she will be getting the money to pay the taxes plus the penalties but is scared someone will buy them.
I told her not to worry because if they are sold, she has a redemption period with which to redeem them....she will be getting the $ to pay them about a week or two after the deadline.......
Please tell me I was right....
She lives in Cook County, IL
Thanks,
Clif
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If this is an IRS lien then I think only THEY have a redemption period, never heard of one for the person in default. Better check more on the issue locally.
The only way to make sure is to verify tax sale information with the county clerks office. Normally illinois protocol allows for taxes to lapse two years after sale, then the owner of those taxes has the right to foreclose.
Each state has it's specifics...here in Texas on a tax foreclosure they have two years to pay the taxes back to the person who paid the taxes plus 25% if they do it in the first year (someone in Texas make sure I'm saying this right...I'm going off the top of my head here but it is something like that) The good thing about here the law firm that acts as the trustee for the foreclosure usually waits until the redemeption period is over before they put it to auction. And another plus is that on a mortage foreclosure (Deed of Trust) there is no redemeption period.
Thanks for the replies, the taxes have already been redeemed.
Thanks again,
Clif
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