Expert Advice When You Need It Most

How can I buy my real estate taxes back and save my property?

Asked over 2 years ago - Chicago, IL

I recently discovered that my taxes for 2007 were bought and I only have until January to buy them back. Should I concentrate on buying the taxes for this year or try to raise the money for the 2007 taxes first then purchase this years 2008 taxes. I am behind. I need to save my home.

Flag

Save

Share with:

Attorney answers (2)

Ahmad Tayseer Sulaiman

Reputation Level 13

Answered about 2 years ago. Foreclosure Attorney in Oak Brook, IL.

Flag

Be very carful. You have to pay all the taxes that were sold, and not only the taxes that came in the interim. Imagine it like a chain, buying the links that came later in time, will serve only to protect the interests of the 2007 tax buyer.

Real Estate Lawyer

Mark as good answer

1 person marked this answer as good

Add comment

Patrick L. Evans

Reputation Level 7

Answered over 2 years ago. Real Estate Attorney in Watertown, NY.

Flag

Find out who manages the tax sales. Call them. Ask them your question. Some jurisdictions may want you to bring all your taxes current. I don't think you should worry about that. Your main job is to redeem your property before it goes to foreclosure. If January is the date, you best pay it off as soon as you can.

The current taxes don't have to be paid yet. If you default on them, the taxing authority will have to bring another action to foreclose and you will have an extended period in which to raise the money to pay that separate bill.

Call the taxing authorities immediately and get the right answer. You don't need this preying on your mind any more. Find out what their rules are, and move ahead.

Mark as good answer

Add comment