Posts Tagged ‘Mortgage Lien’
I would like to buy a tax foreclosed house, but the county will only sell it to the current tenants?
Tuesday, October 13th, 2009The current tenants, (my neighbors), cannot afford to purchase this house, the house I grew up in, and they offered it to me before it would go to the county treasurer and they would sell it on the market for 10x what they will sell it to them for.
I would like to purchase it, have the money, but the county says they will only sell it to my neighbor, and only in my neighbors name, however I could be a lien holder by putting the money up for the house and making a mortgage contract. My neighbor has already expressed to me that he has no intention of buying it, and in fact plans on moving. The county came up with the plan for me to put up the check, and place a mortgage lien against the title (this would protect my interest in the property). At this point, my neighbor says he would just sign over the title to me and I could charge off the loan. This sounds straightforward enough (jumping through the county’s hoops), but would there be any problems that could arise from this?
My neighbor is a good guy, and I explained that to him, but that I still need to financially protect my interest, and he is fine with that. It comes down to:
Is it legal? Would him signing over the title to me force the sale of the property (ideally I want to keep the property, and have the deed in my name). Can anyone else recommend a different way to approach this. The county is dead set on the requirement that the title be in his name.
Thanks in advance for any advice.
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How do you purchase tax lien properties?
Thursday, August 6th, 2009Anyone familiar with the tax lien purchase process? I know the county holds a tax sale for delinquent properties but what happens after you buy a property? If the property has a mortgage lien, what happens to it after the tax sale?
