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Updated over 5 years ago,

User Stats

2
Posts
0
Votes
Paul M.
  • Rental Property Investor
  • NJ
0
Votes |
2
Posts

Family house foreclosed on due to unpaid property tax

Paul M.
  • Rental Property Investor
  • NJ
Posted

Hoping that someone would have an idea on how to navigate this situation. My grandparents passed away some time ago and they did not have a will. They have three children, one of which who lives in their house (my uncle) and has not been paying the property taxes. The house (no mortgage, fully paid off) was recently foreclosed on by a company that has owned the lien for a few years and been paying the taxes. The city said that once the company receives record of foreclosure from the court, the lienholder will own the house. If I present the city with a check before that happens (any day now), we can stop the foreclosure.

Based on NJ law of intestacy, the three children are entitled to the house. If I, the grandson, pay the substantial lien, would I put myself at high risk of losing my hard earned cash? There is substantial equity so can a lawyer ensure that I recover any money I invest (paying off the lien and property renovations) through renting it out and/or an eventual sale? Ideally, the cash I put up for the lien would be carved out of the share of the sibling who was living in the house. My father does not want to lose the house but the problem is his other two siblings are uncooperative. I am willing to put up the cash to help him preserve my father's share of the house but I'm worried about losing my money.

Hoping to urgently get opinions on the situation and for some recommendations of good foreclosure/probate lawyers in NJ. Thank you in advance!

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