Just an FYI post. I am going to attend my first tax lien sale and have been doing some research on the matter. Of course this is for Indiana but I thought others might find it interesting. Here is the link to all the properties and how much is owed on them. Indiana Tax Sale System - Delinquent Properties
As you can see there are some on there for less than $200. Not sure how someone lets that happen but it is what it is. Also here is the link for how the process is supposed to work.
http://www.sri-taxsale.com/handout.pdf
There is one thing I dont understand and if there is anyone who has experience with these I would appreciate some info here. If the owner of a property has a mortgage on it but then doesnt pay their taxes and I buy the the tax lien, what happens to the mortgage if the owner never pays the taxes? BTW, Indiana has a 1 year redemption period. My understanding is that I then take possession of the property. How could that be if a bank has a mortgage on the property? Like I said dont know much about this and just trying to learn and the sale is on 8/26 so I just though I would share what I have learned so far and maybe learn some more from some of the experts on here.
As you can see there are some on there for less than $200. Not sure how someone lets that happen but it is what it is. Also here is the link for how the process is supposed to work.
http://www.sri-taxsale.com/handout.pdf
There is one thing I dont understand and if there is anyone who has experience with these I would appreciate some info here. If the owner of a property has a mortgage on it but then doesnt pay their taxes and I buy the the tax lien, what happens to the mortgage if the owner never pays the taxes? BTW, Indiana has a 1 year redemption period. My understanding is that I then take possession of the property. How could that be if a bank has a mortgage on the property? Like I said dont know much about this and just trying to learn and the sale is on 8/26 so I just though I would share what I have learned so far and maybe learn some more from some of the experts on here.
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