April 8, 2017
Property Tax Liens Investing And Attorneys
Property Tax Lien Attorneys. Do I need one?
Personally, I have purchased thousands of tax liens and have never actually had to initiate a foreclosure.
During my due diligence I strive to find delinquent property tax lien certificates that I feel are going to be paid. I don’t want to own any property. It is the high returns I am after and simply have no interest in obtaining the property.
But, not everyone pays.
In that instance, you will eventually be going to foreclosure.
For myself, I normally just wait until someone else files. Typically with these properties you are going to have other companies owning delinquent property tax certificates who are normally very quick to file a foreclosure. I piggy back their proceedings. They file and do the work and I simply wait until the property is sold and I get paid.
Other times a lender will foreclose and I do the same thing. Just wait until it does go to a foreclosure sale. Then I also get paid. I am seeking the annual interest so I am in no hurry.
Pay attention to how long your tax lien is enforceable. If you have several years normally something is going to happen during that time period to force someone to pay you.
Often the property owner attempts to sell the property. Other times they obtain a mortgage where the lender will pay off the lien. A multitude of things can happen to eventually get your lien paid without you filing a foreclosure yourself.
However, given enough time and enough lien certificates you may find yourself needing an property tax lien attorney. Tax lien foreclosures are a very specific type of proceeding. Thus, complications do arise.
Before you start investing you may want to locate a qualified attorney in your area should you need assistance with a foreclosure. They can provide you with sound legal advice and representation during the court proceedings.