New investor in Tax Liens - State of MD.
I am planning to invest in Tax Liens in State of Maryland in 2017. So I am trying to do my homework beforehand so I would be prepared for next year. Being a novice in this area, some of these questions are probably too basic for some..
From reading on the county website(s), I know the basics of this but there are some logistical questions that need to be answered.
Maryland allows redemption period of 6 months for the homeowner to pay his taxes and reclaim his property. So if I am supposed to be receiving payments for 6 months, how is that process handled? Does the county provide with the owner where to mail the payment check? Or do I have to contact the owner? I plan to have a P.O. Box where they can send payments, so they don't have direct and easy access to my home address.
Is there any information on what percentage of tax liens finally end up getting foreclosed? I could not find this anywhere on the county website. So do the players in this market have any idea? I just need to know to see what kind of success rate I will get on average.
If there is an existing mortgage on the property, is it possible to strike a deal with the bank/lender that owns the mortgage note without actually foreclosing the property?
How can it be ensured that the properties you are bidding on have a marketable title? Does a Title Company, someone who is working for me, has to be involved from the get-go?