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I kinda think this is a horrible idea. It's one thing to be in a home already and unable to pay the mortgage. You can stay in the house and save up what you can before getting evicted so you'll have a cushion of sorts.
It's another to do it deliberately to skirt the system. It's too bad the banks have set such a poor example of how to get out of financial trouble. Now everyone thinks they should do the same.
If you have a mortgage, in most cases, the lien holder is notified and the bank will pay the taxes before it gets to the point of the tax deed sale. That is why you will see the majority of the properties at tax deed sales are vacant land since vacant land will have a much higher percentage that do not have a mortgage on them.
I am not sure exactly how it works in Arizona but I would think the tax certificate sale is what you are speaking of that is done after non payment of taxes. After you have the tax certificate a certain amount of time, I guess 3 years where you are, it is 4 years here, you can petition for the tax deed sale where the county will auction the property to satisfy the tax lien.
In both cases you are up against other bidders though, in the tax cert. instance someone may bid 14% interest instead of 16% and get the tax cert. over the higher interest bid. For the tax deed auction the county or whatever taxing authority will figure what the total back taxes were plus the interest which was previously bid on the tax cert. to come up with the starting bid in the auction. The holder of the tax cert. would get back what they paid in back taxes plus the interest rate they bid. The only way the holder of the tax cert. gets the property is if there are no bids at the tax deed auction. It is then you could see the attorney about quiet title.
I am sure you will let me know if Arizona does it differently and I am wrong.
I would welcome the knowledge if so.
Here, the only bidding is at the tax sale, where people bid down the interest rates. There was bidding on some properties that had houses on them. It does start at 16%. The tax sale in February for 2011, was for people that didn't pay 2009 taxes. So you pay 2009, then on June 1st you can pay 2010, then on June 1 2012, you pay 2011. The you hire attorney and sue for quiet title. The owner of the land is the only one, who can redeem. There is no more bidding. The attorney sends a letter, and runs a newspaper ad. At that time, they owner owes you your legal fees, if he want s to redeem. Most go uncontested. A court date is set, and a Judge orders a Treasurer's Deed issued, which is insurable and sell-able. I successfully did this in Santa Cruz County, Arizona. The developer didn't show up in court.
Still that is a choice that you alone need to make. No one forces anyone into bankrupsi. You choose to do that. Still I am not saying that is a wrong or right choice, just a choice. You may not have a choice in your health. Sorry to hear how things have turned out for you. Still no one has taken your ability to choose away.
I'm not sure where you got that I had a medical bankruptcy. I didn't. I've never had a bankruptcy of any kind.
There is a difference though, between "technically" having a choice, which I agree that they do, and "reasonably" having a choice, which I believe that some do not.
If you make $30k a year and have $3 Million in medical bills, there really is no true choice except for bankruptcy. Technically, you could make the choice to starve to death trying to pay your bills, but that really comes back to no choice at all.
the longer i look into the real estate market the more i think that doing this is the only sensible thing to do. i might even buy more than one, rent the others out and collect rental and live for free for the next 3,4,5,6,7 years. my budding took refi'd 5 years ago, pulled $500k of equity out, hasn't made a payment in 4 years and lives rent free.
all this time, i'm being raped by my landlord because the banks are sitting on so much vacant inventory which they refuse to rent or sell. i should stop being such a chump and start doing what it seems everyone in florida is doing
Wonderful way to be sued by the lender for whatever difference there is between the loan amount(s) and whatever the place sells for in foreclosure. From that point they'll garnish your wages and levy on non-exempt assets. They have five years from the time of foreclosure / short sale conclusion to pursue this action.
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