Great state but the long 3 year redemption makes it tough to plan paying sub taxes (if needed - some counties are changing so you don't have to pay subsequent years taxes to keep your lien in force).When you complete that 3rd full year from the date of your original tax lien, then you need to send a certified letter to the owners and other lien holders (mortgage, mechanic liens, etc.) of your intent to foreclose.

Since their walking away the foreclosure needs to be completed unless they want to be haunted with having to pay taxes cause the home remains in their name unless foreclosed on.I know they foreclose without notifying the 2nd lien holders as well.

I will also require a statement from the first mortgage holder confirming the balance as well as confirming the loan is current. 

Control is exhibited either by greater 49% equity or beneficial interest in an entity, or by executive decision-making power over the entity.Fiduciaries to the plan or those providing services to the plan such as investment advisors or tax counsel.A key employee such as a vice president or a holder of more than 10% ownership interest of a company that is controlled by a disqualified party.A 10% or greater joint venture or partner of a business that sponsors a qualified retirement plan.

(imagine a boisterous voice) You spent how much on that cup holder?!

After doing much more extensive research I learned that the property was purchased for only $5,000 last year by the association from an individual woman (the original lien holder of the property).

The note holder now has a 1.2 million dollar nor performing note.

The two main scenarios where the lender would have an incentive to do such would be if and when interest rates rise dramatically or when a lender has purchased the note from the existing note holder at a discount.Back before the due on sale clause became standard, properties where purchased subject to the mortgage, or with a mortgage assumption to (1) preserve a lower than market interest rates when rates rose from 4% to 18% in a matter of 5 years, (2) to purchase a property where the borrower would not qualify for a new loan, (3) to finalize a property transfer faster than if a new loan was obtained and (4) to save the fees involved for loan origination, processing, underwriting, etc.Today, subject to property acquisition works best from a buyer perspective when he is able to buy the property with little or know down payment, so his equity exposure is minimal and he has no liability for note payment.

I run the numbers, assist with tenant selection, execute the lease, responsible for ensuring our PI's are paid back (w/interest), and because I live an hour a away I went to work at the property once a month for the three month renovation period (1 visit I cleaned the cabinets to prep for painting, 1 visit I put new knobs on all the cabinets and hung the towel bar, toilet paper holder and a mirror in the bathroom, 1 visit I mowed the lawn and helped move trash to the curb for bulk pickup.

If they are the senior lien holder, they will more than likely bid total debt and take it back into REO, rehab it (Maybe), evict tenants, and sell it on the open market by listing it with an agent.It's a simple unlawful detainer (eviction).