0
Caution: This is not legal advice and I am not a lawyer. This is general advice and there may be exceptions from state to state. I do, however, have extensive real estate experience.
The buyer of the property pays off any liens. This lien must be disclosed by the owner, otherwise, you cannot close on the home and the sale is null and void. If money has changed hands, all moneys must be returned. (although it is a royal mess that is very difficult to straighten out.)
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Type of lien that takes first position in foreclosure?
Real property tax liens(s), followed by the holder of the oldest recorded lien.
Can you put a lien on a house that is in foreclosure?
Yes, a foreclosure will, however, take priority over secondary and other liens, often everything except tax liens.
Tax Lien Foreclosure Process?
The tax lien foreclosure process is a great form of investing right. Purchasing tax liens and foreclosing on them gives you the ability to purchase properties at a fraction of their cost. Then you can turn around and either rent them out (and make some steady passive income) or sell them at market value for a tidy profit.
How to get mortgage with tax lien on credit report?
This can be difficult. There are many considerations. What type of tax lien is it? How old is the lien? How large is the lien amount? If the lien has the potential to jeopardize the security of the loan, then you most likely will need to take care of the lien first.
Are liens valid after a tax foreclosure sale?
Tax liens, especially real estate tax liens, take priority. Other liens, such as judgment liens, take a back seat. A property tax taking is often for much less than the property value, and if the debtor does not redeem the property by paying the tax due, the tax sale buyer gets a huge bonus. The other liens, including mortgages, go away, but the debtor still owes the money.
How do you buy profitable foreclosure tax lien?
There are programs and books with step-by-step explanations and tutorials on how to invest in and purchase tax liens and profit from them, as well as state-by-state guides on where to find tax lien sales in your state. Visit the link below for the website, Tax Sale/Lien Reviews, to learn about these helpful resources.
Who pays sale tax?
The person who is buying the product pays the sales tax.
Can Foreclosure wipe out a secondary judgment lien on the property?
A foreclosure wipes out any liens that were recorded subsequent to the mortgage. However, the lender must give notice to the IRS if a tax lien has been recorded against the property. If not notified the IRS has certain rights that may encumber the property after the foreclosure sale. Delinquent property taxes are not wiped out.
Will there be a federal tax lien put on my house that's in foreclosure?
Yes, there will be a federal tax lien put on your house that is in forclosure. The bank or person that buys your house will have the option to pay that lien off.
Can a house be taken back by the banck after a tax lien sale?
There are some excellent programs and books out there that will provide you with an answer to this question. (http://tax-sale-lien-reviews.com)
Type of lien that takes first position in foreclosure?
Real property tax liens(s), followed by the holder of the oldest recorded lien.
Can you put a lien on a house that is in foreclosure?
Yes, a foreclosure will, however, take priority over secondary and other liens, often everything except tax liens.
Tax Lien Foreclosure Process?
The tax lien foreclosure process is a great form of investing right. Purchasing tax liens and foreclosing on them gives you the ability to purchase properties at a fraction of their cost. Then you can turn around and either rent them out (and make some steady passive income) or sell them at market value for a tidy profit.
What happens to to second lien if borrower defaults on first lien?
It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.
What happens to a tax lien on a property lost in foreclosure?
Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.
How do you buy tax lien and deed from counties?
You buy a tax lien note by going to an auction and bidding on it. There are several programs and books on the market that can help you through this process. See the link below to visit the website, Tax Sale/Lien Reviews.
Where can county real property tax lien sales be found?
There are programs and books with state-by-state guides on where to find tax lien sales. Visit the link below for the website, Tax Sale/Lien Reviews, to learn about these helpful resources.
