Is it possible to purchase a property with a mortgage for the amount of the back taxes owed?
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Is it possible to purchase a property with a mortgage for the amount of the back taxes owed?
The bank cancelled foreclosure proceedings and sent the amount owing to a collection agency. The trailer that was sitting on the property was burned to the ground by the previous renter. The mortgage was for the property only. We have removed the burned debris. Is it possible for someone to now purchase the land for the back taxes owing on the property?
Asked on October 13, 2011 under Real Estate Law, Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes there is a possibility that the land where the mobile home was located if there is unpaid property taxes owed on it can be placed up for auction by the county tax assessor for the county and state where the land is located.
If that process happens, you will be given notice of the auction, notice with the time, place and date of it. In most property tax sales the former owner still has the ability within a year to redeem the amount owed on the property that was subject to auction after the auction has happened and a new person goes on title. If the former property owner does redeem the property tax amount in that time period, the money then gets reimbursed to the person who bought the parcel and legal title is then transferred to the owner who initially lost the property in the tax sale.
Good luck.
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