Today’s topic, how to foreclose on a land tax lien. This is the meat of the show.
Here’s what happens and why property become in a tax-defaulted status. Most of the time, some life event happens, usually it’s death, and whoever owns stops paying the taxes. In Cody’s example here, what happened is some of the people that own part of the property and the other people that own part of the property, together they own a hundred percent of it, some are contactable and some are not. They just went MIA. The person who’s managing the whole thing says, “You know what? I’m not going to pay the taxes anymore. Nobody cares about this stuff. This tax bill is huge. I get one twice a year or once a year, in certain cases.” Somebody stops paying the taxes.
After a certain amount of time, usually it’s three years, and this is in Arizona laws, all different states are different, certain statutes start to kick in and at some point the state or the governing authority takes the property back into its possession. At which time, they will hold an auction and you can purchase in several states the tax lien, which means you know have paid the taxes for the seller as an investor, and you have a couple of options. You can try to get the property redeemed. You can contact the person who owns the property. You only own the tax lien now, you don’t own the property. You can contact the person who does own the property and say, “Look, you got to pay me the taxes. I just paid your taxes, pal. You got to pay me back plus the certain number of interest
And fees or I’m going to foreclose on you.” In my case, in my experience, 99.99 times I can’t actually think of a time when a seller actually said, if I can ever get ahold of him any way, a seller says, “Yeah. You know what? I do want to keep this property.”
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