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Updated almost 9 years ago on . Most recent reply

User Stats

75
Posts
15
Votes
Kim Ford
  • Wholesaler
  • Columbia, SC
15
Votes |
75
Posts

Inherited Property Facing Foreclosure Due to Taxes

Kim Ford
  • Wholesaler
  • Columbia, SC
Posted

Hello Everyone.

Here's the situation:  A homeowner wants to sell a property he inherited.  The mortgage is paid in full but $11,000 is owed in back taxes so it's in pre-foreclosure.   He's willing to let it go even if he gets nothing in his pocket but the problem is that he was not  the only one to inherit the property.  It was left to a total of 17 different family members who live in different parts of the country.  He was the "caretaker" of the property and no one else in the family helped pay the taxes on the house or pay for repairs.  He says he doesn't even have contact information for a good number of the family members.

1) Can he still move forward with selling the property or will each family member have to give written consent?

2) Could this property potentially go from a wholesale deal to a subject to investment even if the mortgage is paid?  Even so, eventually he'll still want to sell it and may not be able to unless he needs each family member.

The property is on Long Island, New York so anyone familiar with the laws and regulations for Nassau County, please weigh in along with anyone else who has faced this situation before.  All advice is welcome.

Thanks!

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