More 2013 Prep - Paying sub taxes and foreclosure on liens
Just received my letter listing all the liens I own where the owners did not pay the taxes again. I have the opportunity to pay the taxes and earn the same rate as my original lien.
I have 6 liens on vacant residential properties that are at the end of their redemption period in February. That means the owner has not paid off the taxes from liens sold 3 full years ago that I hold.
In January I'll start the notice of intent for a tax foreclosure being sent to the owners and any lien holders (mortgage, banks, other lien holders that are attached).
If the owners do not pay the back taxes and interest, then the foreclosure starts for the properties.
My guess is, that at most, I might end up with one of the six properties.
In the meantime, still working on the amount I'll invest in new liens in the February auctions.
Comments (2)
My understanding is that each county in AZ may have a different acceptable letter. Coconino has an acceptable one for their county online at http://www.coconino.az.gov/DocumentCenter/View/53
Jerry K., over 10 years ago
Hi Jerry, enjoying your posts... I, happily, must do my first "Notice of intent for a tax foreclosure" was hopping you had some experience or sample that might help...?
Darren Moore, over 10 years ago