All Forum Posts by: Sam Ven

Thanks Wayne. I need to check with the county then. What I found was that the interest amount charged was around 24% for 2 years in total. So it comes to 12% per year. Once I pay the county, will the taxes be cleared or should I also pay/reach out to the 3rd party who purchsed the certificate?

Thanks Tom. May be i didn't post clearly. I am not looking to acquire the tax certificate. I am trying to obtain clear title on a property where there is a tax certificate issued to 3rd party. They have until 2015 to take it to auction. The property is in FL. The only thing concerned me is very high interest rate charged by the 3rd party

Is it possible to negotiate the interest rate of the tax certificate? here is my situation. I am planning to bid on a auction property that is being foreclosed by the primary mortgage (first). there are no other liens other than tax certificate. Assuming I am the highest bidder, what are my chances to negotiate the interest rate with the tax certificate holder to obtain clear title. This is for multi unit rentals and the taxes are in 50,000 range. the interest rate charged was around 25%.

Dawn A: Since the employment is terminated the plan does not allow to take any loan

Minh L.: The plan administrator mentioned 20% withholding is mandatory if the check is made in my name. The only way to avoid is custodian transfer in that case the check is not made in my name.
I went through this link http://retireplan.about.com/od/taxes/a/mndtry_whldg.htm and it mentioned about the same.

Another option i am planning to do is withdraw and deposit within 60 days to the same plan administrator. May be they will avoid the 20%. I am going to call them to find out more.

Also, I am surprised to see so many replies with valuable advice in one day. Thank you and appreciate all of your time!

Hello,

I am looking for short term cash options for a foreclosure investment. I have 401k from my previous employer( I do have 401k with current employer as well). A friend of mine recommended to do a roll over and take the check in my name and i have 60 days to deposit back in to a 401k plan. Did anyone exercise such option? what are the risks associated with it? I was made aware about 20% tax withholding that I will get back from IRS after proving the roll over happened within 60 days. Thank you for your guidance