Question from South Jersey

1 Reply

I have just been served with a summons about foreclosure on a piece of property of which i am the sole heir to.  My mother passed away over 10 years ago and had a condominium in Maple Shade.  As I did not have a relationship with her, I did not know about this property. There is over $12,000.00 owed in back taxes.  My question is how do I out how much is remaining on the mortgage?  I estimate the property is worth between $60,000-$70,000.  I would be interesting in acquiring the property and paying off the taxes, but I want to make sure how much is owed on the mortgage first.  Any suggestions?

Thanks,

New to This

James - For starters I'm no expert at all in these areas, but if I were in your shoes this is what I think I'd probably do. 

1) Get in touch with a title company. They will be able to tell you if there are any liens on the property, such as a mortgage, and the tax lien you're already aware of. 

2) Get in touch with the bank that has the lien to find out what the balance is. I wouldn't be surprised if their is a balance on the mortgage that the property isn't also in the foreclosure process since the mortgage is likely to be as equally back due as the taxes are. 

3) Based on the results of the above your next steps could be any number of things, but a good estate/probate attorney might be a good start as they can likely help you untangle some of the mess...then again a real estate attorney may also be helpful to guide you through the issues with the bank and tax liens

4) If you do decide to you're not completely scared away by what's going on and want to do more due diligence than I'd consult an accountant as well. Most likely there will be a way where you can mitigate some of the cost of the acquisition of the property with some serious reductions in your tax bill. 

Best of luck and keep us posted how things go!