Foreclosure and delinquent taxes in IN

[Sean Mcintire]

Happy Easter Sunday all,

Situation:

Looking at prop in Gary, IN.

• tape says the value is $50k
• Safe to say it's vacant for a while if not years
• rehab needed
• decent location - near a college
• $47,000 in delinquent taxes. (yes, $47k)

Question:  If we foreclose and take back the property is that tax lien wiped out?  I don't think so but am not sure.

Thanks.

-Sean McIntire

[Andy Mirza]

Just realized that you didn't specify what kind of taxes. Property taxes are not wiped out. An IRS lien will drop off 120 days after the FC and state income tax liens will drop off as well. They stay with the individual, not the property.