I bought 4 tax certificates on one property in Connecticut. The property just went into bankruptcy. I learned my money will be tied up for up to 6 months. During that time I will not be accuring any interest. Is this true and what do I do from here?
@Greg Johnson , I am interested in seeing if I can work out a deal with you and see if we can find a win-win. Can you PM me details? Thanks.
I noticed you work in the Hartford area. Have you ever foreclosed on any tax liens in your area? Hoping you can give me a quick snap shot of what the foreclosure process looks like in Ct. I currently have two liens on two properties (SFR and Condo) which I've held for over a year now and was contemplating on beginning the process since I have not received any interest since I purchased. Any information you can share would be greatly appreciated. Thank you in advance.
Greg - I had a similar situation with respect to Tax Liens that were purchased in Alabama. This led to conversations with the BK Trustee (representing the former owner). Two questions that the Trustee raised were: 1) how much was the properties worth and 2) what would be the payoff? For the payoff, I packaged the deal with all expenses including the interest that would accrue. They ultimately chose neither. After the BK was finalized I then engaged an attny to obtain releases from all previous lien holders. All said n done it took roughly 3 yrs to finalize. My overall costs are approx $17K. My anticipated return should be around $70K.
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