When you buy a tax lien. Technically you are paying the taxes for the current owner. you will get paid back when ever the owner decides to pay you or the property exchanges ownership. You will get interest at a rate that you agree upon when you purchase. You will have the right to purchase all future tax liens and collect upto 18% interest.
should a bank or another lien holder foreclose you always get paid 1st.
After 2 years you have the right to foreclose and only the owner or the 1st lien holder have the right to pay you back. The owner can not borrow money to pay you.
I have a few tax liens available for sale that have past 2 years and are ready for foreclosure.
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