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Louisiana (Lafayette) Tax Lien Auction Advice
Posted on 5/16/22 at 3:05 pm
Posted on 5/16/22 at 3:05 pm
I have found what I believe is a good opportunity at an upcoming tax lien auction.
Does anyone have experience with this? Any advice would be helpful.
My 2 biggest questions:
1. If i pay the taxes for 3 years is there expensive legal cost associated with acquiring the properties. How much can the typically cost per property?
2. If there is still a mortage on the property will this prevent acquiring the property or will the tax lien deed take give me ownership rights regardless of any mortgages owed? I have saw somewhere that the tax lien will hold precedence over a mortgage lien.
I would love to speak to someone about this if possible:
Wcasoccer21@gmail.com
Does anyone have experience with this? Any advice would be helpful.
My 2 biggest questions:
1. If i pay the taxes for 3 years is there expensive legal cost associated with acquiring the properties. How much can the typically cost per property?
2. If there is still a mortage on the property will this prevent acquiring the property or will the tax lien deed take give me ownership rights regardless of any mortgages owed? I have saw somewhere that the tax lien will hold precedence over a mortgage lien.
I would love to speak to someone about this if possible:
Wcasoccer21@gmail.com
This post was edited on 5/16/22 at 3:06 pm
5
Posted on 5/16/22 at 3:22 pm to tigersint
the bank that holds the mortgage lien isn't going to let the property sell for cheap and lose any chance of making their money back.
Posted on 5/16/22 at 4:25 pm to tigersint
property tax liens are what you are after.
3 year redemption period. after that if they do not pay up you can foreclose. get ready to be in bidding wars with mortgage companies who do not want to lose their lien position. a property tax lien takes priority over a mortgage lien.
3 year redemption period. after that if they do not pay up you can foreclose. get ready to be in bidding wars with mortgage companies who do not want to lose their lien position. a property tax lien takes priority over a mortgage lien.
Posted on 5/16/22 at 4:32 pm to tigersint
quote:That "someone" you should speak with is known as an attorney.
I would love to speak to someone about this if possible
Posted on 5/16/22 at 4:49 pm to tigersint
If I remember correctly you bid for the lowest interest rate. There are companies who are there bidding on almost everything.
You have to get it for three years and keep the notices going out to the owners. Not sure of all the details.
Many buyers are only looking for the interest they can get for their "ownership" interest in the property. They typically ran about 18% return. It's been some time since I've gone, but I doubt things have changed much.
You have to get it for three years and keep the notices going out to the owners. Not sure of all the details.
Many buyers are only looking for the interest they can get for their "ownership" interest in the property. They typically ran about 18% return. It's been some time since I've gone, but I doubt things have changed much.
Posted on 5/16/22 at 9:57 pm to ItzMe1972
In Louisiana you bid on % ownership of a property. To my knowledge there are big cash companies that go in and bid 1% in a lot of the properties just to get interest on them. But I think they likely do not mess with some of the cheeper properties that I have come across and have reasons to believe that the current owners likely will not pay back the taxes for 3 years.
The first one to place a 100% bid on a property would be The only one that can obtain 100% ownership.
You can bid all the way down to 1%. But I would say it’s pointless to have even 99% interest in the property.
Can anyone confirm that this is how it works? Who get the other percentage if it is bid down? Is it still the original owner or the city?
I dont want to get to the end of these 3 years and not be able to get these properties due to legal reasons. I need to consult an attorney or if anyone in here knows about the pains of Louisiana Title Quieting that they can tell me from their experiences.
The first one to place a 100% bid on a property would be The only one that can obtain 100% ownership.
You can bid all the way down to 1%. But I would say it’s pointless to have even 99% interest in the property.
Can anyone confirm that this is how it works? Who get the other percentage if it is bid down? Is it still the original owner or the city?
I dont want to get to the end of these 3 years and not be able to get these properties due to legal reasons. I need to consult an attorney or if anyone in here knows about the pains of Louisiana Title Quieting that they can tell me from their experiences.
This post was edited on 5/16/22 at 10:04 pm
Posted on 5/16/22 at 10:08 pm to tigersint
If it has a mortgage the tax collector probably notified them and they paid to keep it from going to sale. If it's lafayette city property you should check if the parish AND city are selling the property. You don't want to buy something from the parish and find out someone else got it at the city. The sale is a reducing percentage down to 1%.
Posted on 5/16/22 at 10:16 pm to Jimmy2shoes
At the courthouse there was a mortgage filed on 2 of these properties but it was years ago so they very well may be paid off or almost all the way paid off by now.
On lafayette Parish tax assessor website it still shows that taxes are owed for 2021 as of now and the properties came up in the paper this week for auction.
On lafayette Parish tax assessor website it still shows that taxes are owed for 2021 as of now and the properties came up in the paper this week for auction.
Posted on 5/17/22 at 3:29 pm to tigersint
Contact RJ Fonseca at Standard Title. He will be able to answer all your questions
Posted on 5/18/22 at 8:23 am to tigersint
quote:
At the courthouse there was a mortgage filed on 2 of these properties
No mortgage cancellations? If there is a mortgage on it you would think the tax man notified them it was going up for sale. If nothing else, you might get 5% + on the tax sale price if it gets redeemed.
Posted on 5/29/22 at 6:01 pm to tigersint
If the mortgages were filed with the clerk of court at least 10 years ago and said mortgages have not been reinscribed since, you can file a “request for cancellation” for each mortgage essentially making them null/void.
Reference these laws:
RS 9:5685
CC 3367
I’m not an attorney, but I have cancelled mortgages/judgments in the past before taking possession of properties via tax sale.
Reference these laws:
RS 9:5685
CC 3367
I’m not an attorney, but I have cancelled mortgages/judgments in the past before taking possession of properties via tax sale.
Posted on 5/29/22 at 10:51 pm to Jimmy2shoes
quote:
You don't want to buy something from the parish and find out someone else got it at the city.
What happens in that case?
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