An example of a “Bulk” sale of tax liens is shown below. Why would you care if you don’t have an extra $10 million hanging around to bid? The reason is the buyer of this package of liens may well have an interest in selling some of the liens to limit their risk.
The Lucas County Treasurer’s Office expects to distribute payments totaling about $9.8 million to school districts, cities, and other taxing districts from the sale of liens on delinquent property taxes, Treasurer Wade Kapszukiewicz announced yesterday.
The money will come from the sale of liens on about 4,800 tax-delinquent parcels to a New Jersey collection company.
Mr. Kapszukiewicz said Lucas County is the seventh county in the state to take advantage of the power approved in 1997 to sell liens on parcels with delinquent taxes to a collection agency.
He said his office awarded the tax-lien sales to Xpand, of Morristown, N.J., a subsidiary of Bear Stearns Cos. Inc., for $9.8 million, which gives it the right to collect on the delinquent parcels and to charge interest rates of up to 18 percent.
The lien sales will take effect Nov. 30, unless the owners of the 4,800 properties pay their bills in full or qualify to be put on a payment plan.
Mr. Kapszukiewicz campaigned in 2004 on a promise to try the tax-lien sale, which he said would help dislodge millions of unpaid taxes that were not being collected by his predecessor, Ray Kest.
“This program does not target anyone who is making a good-faith attempt to pay their taxes,” Mr. Kapszukiewicz said. (this is from the Toledo Blade)
By John Lane
To learn more about Tax Lien Investing, please visit www.TaxLienInvestingGuide.com
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