Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.