There many vacant houses in neighborhoods all around us. Perhaps one of them is, or was, yours.
First of all, do you still "own" a house that is currently vacant and you thought it was no longer in your name? If so, this is something that you need to know about and what you can do about it. If you call us, we can quickly verify if you still own and control the property. If you feel you may know of someone else that may be in this situation, please do them a favor - have them read this ASAP and call us if there is any question about this. The possible problems that may arise are serious and additional accumulation of debt and/or liability can affect the owner and family. Also, most cities will require that if a property is vacant, it must be registered with that city as well as maintained and insured at all times. Let's look at some ways people think that their house is no longer theirs or may be vacant.
Tax Taking: A "tax taking" puts a lien on a property when the real estate taxes are unpaid. This assures that the taxes will be paid before the property can be sold. Different cities treat "tax taking" differently. Some cities will allow a property to remain in this state for years (with every day adding additional interest and fees) while other cities are much more aggressive and will actually take the property and auction off that property to the highest bidder after only a relatively short time, to pay off those overdue taxes. It is important to note that you may still "own" the property for some time after a "tax taking."
Judgement: This also is a lien placed against a property that a creditor will get paid out of the proceeds of a sale. In some instances, a creditor may foreclose on the property and then sell the property to have its debts paid off. This is rarely done but it can happen, and until it does happen, the property remains in the previous owners name.
Other Liens: Such as Mechanics Liens. This is just another lien against the property that pays the lien-holder out of the proceeds of a sale. Liens must be cleared up before a property can be transferred.
Zombie Foreclosure: Almost everyone now knows what a foreclosure is. It is when a lender legally takes over a property when the borrower stops paying their mortgage. The foreclosure process is the series of legal steps to take over the property. However, something strange has been happening over the last few years.
A recent client of ours, who now lives in another state, was in this situation. Read about how we were able to help him here. Read his Testimony here.
We can look at your property and see how we may be able to help you. Remember, there is no cost and no obligation to you.
Call us today! 774.406.3321
*First and foremost, we advise anyone to check any agreements with a competent local real estate attorney prior to signing anything, as state requirements may vary and laws may change at any time.