Updated over 7 years ago on . Most recent reply
Leans on homes in NJ
Hi, my friend lives in a home that is owned outright by her mother...her brother has not paid the taxes on the home in a year and now there is a lean on the home.. How long before they can take your house in NJ? Curious about the process and also curious if anyone has paid someone's lean and bought a property that way...and how was the experience...thanks in advance.
Most Popular Reply
NJ auctions off tax lien certificates every year. That allows people to pay back taxes and receive a certificate where the home owner is supposed to pay back taxes with interest. Investors usually buy the certificates to earn interest on their money.
If the owner doesn't pay off the lien on their house, eventually the house will be foreclosed on.
Last I read, people were earning up to 18% on tax lien certificates.
Time to foreclosure various depending on the municipality. Somewhere around 2 years or so after the certificate auction...