I have news. If you have experience in Tax Liens and money, over 15k, then I know of a house that will be going to court on the 29th. If you have the time and are willing to go to court to buy the lien outright, then, my e-mail is hawaiian_feline@hotmail.com.

My reasons for bringing this up: I know it's a risk, but that family is essentially losing everything. I would like to give them one last chance to get something out of their house before they move. As you may know, Berkeley, Illinois has some of the better property values in this area.

Not to worry. Like magic, an Investor will appear . . . . as a matter of fact several will appear, on the day of the Auction.

And then, during a Redemption Period, your Friends will have the opportunity to bring the Taxes up to date, or their Mortgagee will pay the Taxes and add that amount to the Principal. If they continue to fail to pay their Taxes, then they lose.

If there is a Mortgage, the Mortgagee may commence Foreclosure. If there is no Mortgage, then the Investor will acquire the property after any redemption period Illinois allows.

Why don't they pay? If they won't pay, why would anyone bother to cover their Taxes now when they can simply go through the normal process and have the confidence of dealing with the Tax Collector? That process is secure and virtually risk free; PLUS the Taxing Authority pays a statutory Interest Rate that's usually pretty good. Here it's 12% or 1% for every month (or part of a month) that the Taxes are delinquent. Your Friends ultimately pay that Interest, unless they surrender the property.

I park money on Tax Liens all the time . . . . it's a solid investment; and I've taken Ownership this way. I'm sure Illinois is comparable in its rates and procedures.

People are starting to play Hardball; it's no longer just for fun.

They are already 3 years delinquent. I offered them advice, I got advice from the people who taught me, not that it was much different. The owners of the tax lien take full ownership of the property after the court date on the 29th. I understand the process. Here it's 16% every six months. Anyway, since they are leaving on the second regardless, I figured cover the cost and flip it.

It almost sounds like you might be the Investor who paid the Taxes. 16% every 6 Months (COMPOUNDED - THAT'S ALMOST 35% PER ANNUM !) makes me think about moving back to the Mid-West. I could live in an adjoining State and sneak across the Border to go to Tax Sales. Let's just keep that 35% our little Secret.

If there is a Mortgage, the Mortgagee will take his time and will often show up 5 minutes before the Redemption Period expires, and then pay off the Lien just before the actual Transfer of Title. It's a motivational technique. I own one where they forgot to come; but that doesn't happen very often.

I had many sleepless nights a few years ago when I was hours away from becoming the proud owner of some real dumps, fully equipped with Tenants (former owners) who'd rather slit my throat than look at me . . . . but somebody like H&R Block or Diteck Funding came to my rescue and ended my nightmares. They were really getting cranky and starting to call me names on the phone. Wonderful people.

I have some folks who play this reckless game every year. I just keep on paying the taxes and collecting my 12%. They have some kind of political objection to paying Real Estate Taxes, and think they're making a statement. School teachers from Connecticut . . . . not local hillbilly riff raff; but their money spends the same. Maybe someday I'll get their house. They think they shouldn't have to pay so much in taxes because they're not voters here . . . . It's always something!

I love tax sales. I just bought a empty lot at tax sale that give me lake rights and place to put my boat lift for $25. The back taxes were 4,000 but that is waived. I love that people think tax sales are complicated. This sale was the leftover properties that did not sell at a or b sales. Redemption rights are long gone.

If the back Taxes were waived, that doesn't sound like a Tax Sale. That sounds like just a poorly advertised Auction to dispose of Town/County Property . . . . and you're the beneficiary.

May not sound like a tax sale to you but just the same...it is a tax sale. Three types of county tax sales around here that are offered as A type sale where owner has full year of redemption rights, B type has only six months left of the year redemption rights and as mentioned in other post this sale has the redemption rights already expired. A and B type do not have back taxes waived and minimum sale amount is taxes owed of course.

Poorly advertised? Advertised in Two Newspaper legal sections. So many tax sale properties it had it's own pull out section.

Ya, I know what you mean, but it's 16% per six months, if you say otherwise the people at the desk will yell at you. Btw, in the cook area, you'd have to attend the tax sale because they have a contract with some company to buy up old liens after the auction. On the other hand, I might just send the money to Texas a half tax lien/tax acquisition state. If they pay, you get the money if not, you get the property. I'm not sure of the exact return but I'm told it's more than 16%. FYI, the reason is that there are two collections per year.
I wish I was the investor, than I could let it go, (after making them suffer for the mistake, since they have to LEARN, and they are.)
Ya, I know, cuz the lien clears any other lien from the property. I encouraged them to refinance, but all I got from that is a sore ear.
sounds like you could have sold the thing for a proud sum, huh? Not that I blame them, of course. I'd be batshit crazy personally.
Those teachers sound like fun. Good luck with that. I hope they do make their statement and lose their house, it simply doesn't... never mind. I wouldn't do it.

Well, if you want to try at the Cook auction, I'll be happy to go with you. At this point, I think it's a lost cause, I'm about 10k short from helping them, and yes, if I do make it, I'll sell their house, since they have made their moving arrangements, but at least they will get something for their troubles. I doubt that I'll ever help anyone else like this again. It's not very rewarding.