Delinquent Property taxes?
I heard that there was a way that you can actually pay another person unpaid property taxes and own their home....and once you pay the taxes thats it...no morgage....is this true? has anyone ever tried this?
2007-03-25 01:26:14 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Only if the house is up for tax sale. And if there is a mortgage on the property, you would most likely have to pay that off, since the lender wouldn't usually let the property go for less than what's owed on it.
At a tax sale, you place a bid on the property - if your bid is the highest, then you get the house, subject to paying off certain debts.
2007-03-25 03:38:13 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
1
2016-04-21 21:31:41 · answer #2 · answered by Olen 3 · 0⤊ 0⤋
you might have seen a late-night infomercial that tells how to get a house for almost free....if it sounds too good, it probably is. this all revolves around the idea of investing in tax certificate sales, where investors buy up the debt of people who don't pay their property taxes. there are a lot of people who do this b/c the interest rates paid by tax delinquents are very high. and if the delinquent taxpayer fails to pay off the certificate, the investor can foreclose, but the odds of getting the other person's home just for unpaid property taxes is like, one in a zillion. still, it is possible to make money in this area.
2007-03-25 01:35:40 · answer #3 · answered by njyogibear 7 · 1⤊ 0⤋
In my area a person has two years to pay late taxes, then they will auction the property. But if there is a lean on the property you are buying that also. and the owner has a year or so to come back, pay you back the taxes you paid and take the property back.
2007-03-25 01:53:29 · answer #4 · answered by Jo Blo 6 · 0⤊ 0⤋
You'd pay it to the creditor, not the person. Usually the IRS. And the owner still gets a couple years to redeem the house if they want to and come up with the $. Meanwhile, if you've made improvements to the place and then they get it back, you've lost all that investment in the improvements. Do plenty of "homework" i.e. what they call "due diligence" in both the house and the owner to avoid that problem. Plus, whatever is still owed on the mortgage does have to be paid.
2007-03-25 01:39:04 · answer #5 · answered by Helen the Hellion 6 · 0⤊ 0⤋
every town/city/county at some time holds delinquent tax sales. check with your local assessor.
2007-03-25 01:29:36 · answer #6 · answered by Anonymous · 1⤊ 0⤋
WHOEVER PAYS THE TAXES BUYS THE MORTGAGE.
SO...YEAH, YOU WOULD HAVE TO PAY THE FINANCE COMPANY OR BANK THAT HOLDS THE LOAN.
2007-03-25 01:47:40 · answer #7 · answered by vfstardust 3 · 0⤊ 0⤋