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Updated almost 10 years ago on . Most recent reply

User Stats

32
Posts
7
Votes
Joe Lopez
  • Real Estate Professional
  • Oak Brook Illinois
7
Votes |
32
Posts

What are the options to help someone in trouble?

Joe Lopez
  • Real Estate Professional
  • Oak Brook Illinois
Posted

I've come to find out someone is in tax trouble with their property. Taxes have been sold at a sale and the redemption period is around the corner in 90 days or so. They own the property completely (commercial property). Not sure they will have the money to bail out and save the property. What can they do?? They have never been in this type of situation before and asked me about it because they know I have an interest in investing but I'm not qualified to give them solid advice or the means to buy it from them and work out some kind of deal to sell it back. So here I am, asking BP.

- Sell it to a cash buyer and close quickly and pay off the taxes?

- Can they take an equity loan out if their personal taxes are not in order or not filed in the last couple years?

- Are there Lenders that offer assistance with this sort of situation?

What can they do to save their investment? All helpful replies are greatly appreciated!!

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