This is the fourth lesson in our training series that discusses Tax Lien and Deed fundamentals. This training is brought to you by Tax Lien Investor Secrets.com.
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If the property has a mortgage, but no one pays the delinquent amount when foreclosure is filed for then yes, the mortgage would no longer be on the property. That's not to say the borrower is off the hook. They still owe the lender the same amount, but the collateral for the loan no longer exists. There are very few liens or encumbrances that survive the foreclosure process. As far as the questions about dead beat tax payers, who cares? You're Acquiring the property for less than 10% of value
thetaxlieninvestor 3 years ago
This is a risk free as it gets. What makes it safe is the fact that the property owner will never let the property go to foreclosure. Would you let $100K or $200K property go to foreclosure because of a few years worth of property taxes? Most homes have mortgages anyways. The foreclosure process includes sending certified letters of intent to anyone on the deed to the property. If a mortgage company learns that their property is about to be foreclosed on, they will pay the delinquent taxes.
thetaxlieninvestor 3 years ago
What happens the mortgage company during this process? If money is owed to them is it just forgotten?
tom3777 3 years ago
I don't believe this is risk free investing. What happens when tax dead beat Bob freeloads at the property with no intension of paying the taxes? During this time Bob is slowly destroying the house. So lets say the value of the property has taken a dump. Now the new owner has to flip the bill for repairs and maybe fines if there is an association standard that has not been maintained. What then?
tom3777 3 years ago
lOVE THE TRAINING, AND THANKS FOR THE FREE BOOK AND TRAINING. THANKS
taxlienstephen 3 years ago
bling
ranavarma 3 years ago
Great Job, love the training.
taxlienstephen 3 years ago