If I win a Condo at a property tax lien auction and the developer defaults do I owe on his unpaid mortgage?
Dec 17, 2009 in
Questions And Answers
I do not think the developer wants this condo so I don’t think he will pay the interest. He probably has a mortgage on it. Will I owe his mortgage when I eventually move in?
I live in a tax lien state. I would like to live and own this condo as cheaply as possible.
I am willing to wait a few years to live in this lovely complex.
I rent now.
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One comment
Janet P on December 17, 2009 at 1:36 pm
You are just buying a lien, not a property. You cna not just move in, you have no legal claim to the property itself. The property can not change title until all of the liens are off it.
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