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Updated about 9 years ago, 11/04/2015
Lending to property owners in tax foreclosure
Is anyone lending money to home owners that are about to lose their home to tax foreclosure and using the property as collateral should they not pay it back? Is this legal in respect to the safe act? I currently market to tax foreclosures and typically buy the properties out right but it seem this year I am getting more and more individuals wanting a loan to pay off their taxes instead of selling their property. I would only consider if I were in first position and there were no other liens/loans on the property. In Washington once a certain date hits they have to pay the tax balance to zero to avoid foreclosure.
Thanks,
Josh