The Motley Fool Discussion Boards
Investing/Strategies / Tax Lien Certificates
|Subject: Re: looking for more information||Date: 12/16/2004 8:25 AM|
|Author: LuckyUte||Number: 14 of 52|
If you have to foreclose and lay out cash to do so, are you entitled to recover your costs if the TSC is eventually redemmed, or are you out the money?
Yes, you can recover some of your costs. The court will set how much of your legal fees you can recover. It is almost never the whole amount, but at least you can get some of it back.
I misstated something in my earlier post I want to be clear on. I mentioned that you could always try to collect direct from the taxpayer. That is true, however, the law in NJ is that there never is any personal liability for real estate property taxes. Just something to keep in mind.
Also, forgot to mention that there is a very active "aftermarket" for TSCs in NJ. If there is a specific property in which you have interest, you can call the Tax Collector to find out if there is a TSC already issued, if there is, they can tell which 3rd party investor owns the TSC. You can contact those people to try and buy the debt they already bought. Many times, these institutions are looking to liquidate quickly, to get out from under, and you can get the lein for a reduced amount.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|