Does anyone have a sample tax lien letter that I can send to homeowners and try to contact them before their properties go to a tax lien auction? I do plan on contacting owners via phone as well, but I want to double my efforts by sending a letter too. I just don’t know how to word it, as I am new at this. Any help would be greatly appreciated. Thanks.
in new york i believe (been a while since I bought in NY) when you buy a tax lien (I believe New York County is the only county in NY aloowed to sell tax lien, the rest tax deed) the deed goes to the investor, with owner right to redeem within 2 years. so dont assume property is yours right a way.
in the meantime, if the owner of the tax lien redeem, they pay the interest of 10% yr. I think there’s also a penalty of 4% after 2nd yr.
if after two yrs the owner dont redeem, I believe that’s when you can start the process of foreclosures (99.8% of the time the mortgage/lender will pay the tax lien % and they will foreclosed)
As you might know or not know Tax Lien will wipe out the mortgage
should you foreclosed, and banks have a lot of interest in those properties so they will pay the tax and penalty and they will foreclosed. the tax lien
represents about 1 to 3% of the value of the home