Long story short. I got a customer with a contract of deed. The property taxes have been late for years, and now its around $ 7000 but I don't want to pay that or even keep the house. I got too much going on to want to get little payments on a home 400 miles away. Besides that, very poor records on the payments before I inherited this deal.
I want to give the customer the home and a the same time make them agree to pay the Tax lien. They and not I, need to be responsible for paying it off. They ought to be real happy with that
My idea would work real easy if I had a non recourse tax lien. Does any one know of anybody offering those.
Tax liens I believe are regulated in TX. I think most of the companies that do them want 1st lien position....superior to everything else. Probably does not make sense for any of them to do anything other than that.
Some of the people that make tax lien loans will be listed here.
My understanding is that in Texas you do not have to be a licensed tax lien lender if you do less than 5 deals n a year. However, to get in first position you need to get a judge to render the decision and if they default you must wait a year before foreclosing. i am not an attorney so you might want to check it out with one. When you say you got a customer with a Contract for Deed do you mean you are selling it to him with the CD and he is living in the property? If so, that opens an entirely new can of worms. I suggest you do not walk but RUN to an attorney and show him the paperwork before doing anything.
I would just say that this "tenant" has not paid towards their contract of deed in the last 10 years . It does however, appear they paid towards the property taxes in those same 10 years but not in the last few years.
This property is going to in to foreclosure with the appraisal district. I don't want to hung for the deficiency judgment as the owner on record
(I know better than to play attorney) I have had an attorney draw up the supporting documents to deed that property on over to said tenant but I am not going to want to pay their taxes. Now I see the appraisal district is serving my office in the name of the former owner (the diseased) if that forecloses with no action on our part, we would have a deficiency judgment to pay
The tax loan would be in first place, so why not? let them get the tax loan and we just deed them that small humble home as they sign the waiver to that all is settled and done
That link Bruce sent me was great, first call seemed to get things moving forward for now