| Are houses with back taxes and a mortgage worth | | | | sale, they are generally properties without mortgages. |
| investing in? The answer is heavily dependent on how | | | | The problem is tax sale itself. There is too much |
| you plan to buy them, and what their total debt load is. | | | | competition to get bargain deals, you can't inspect the |
| If you buy one of these properties at tax sale, the | | | | property before you buy it, and anyway, most owners |
| mortgage and tax problem doesn't follow the property | | | | end up paying off their taxes during the redemption |
| - you'll get the deed free and clear after the | | | | period, leaving you not much better off than when you |
| redemption period. Otherwise, you'll have to deal with | | | | purchased the deed. So how can you get this |
| the debt. But why worry about houses with back | | | | property for a bargain? There's a lot of it out there. |
| taxes and a mortgage when you can get free and | | | | It's actually very easy, and not very risky at all: |
| clear property, without even attending the tax sale? | | | | purchase from the owners, after the tax foreclosure |
| If you haven't already invested much in mortgage | | | | sale. |
| foreclosures, you'll soon see why dealing with a | | | | At this point in the process they know they need to |
| mortgage is such a pain. First, you will have a hard time | | | | sell. Many have given up and moved on. And they |
| getting in contact with the owners, who have gotten | | | | have very little time left to rectify the problem. That's |
| good at avoiding collectors at this point. Then you'll | | | | where you come in. Few investors are calling them this |
| have to deal with the mortgage company, bring the | | | | late in the game, and the most stubborn have finally |
| mortgage current, and then make mortgage payments | | | | faced reality. Now is the time when you'll be able to |
| while you attempt to sell! | | | | pick up deeds for as little as a few hundred dollars. |
| Tax foreclosure properties generally don't have a | | | | So the best advice you'll get is: stay away from |
| mortgage. Mortgage companies pay off back taxes | | | | houses with back taxes and a mortgage. With the tax |
| (or have it rolled into the payments) and won't let a | | | | foreclosure rate the way it is, you can leave mortgage |
| property go to tax sale. Tax sale wipes mortgages | | | | foreclosures for the uninitiated. |
| clean. So by the time properties make it through tax | | | | |