Foreclosing Without Probate Ken Letourneau

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The Process and Practicalities of Foreclosing on Properties with Tax Liens
Foreclosing Without Probate
Understanding Tax Lien Foreclosure: What You Need to Know
The Basics of Tax Lien Foreclosure
Foreclosing on a property due to unpaid taxes involves a straightforward process: notifying the property owner, obtaining a judge's signature, and then officially owning the property. There’s a common misconception that foreclosing requires probate; however, as Ken notes, this step is unnecessary. Here’s a step-by-step breakdown:
1. Identify the Tax Lien: The first step in a tax lien foreclosure is to identify the lien on the property. This is crucial as properties with unpaid taxes can be prime targets for investment.
2. Notification: Once the lien is established, the next step is to notify the owner of the property. This formal notification process is critical as it sets the legal wheels in motion for the foreclosure proceedings.
3. Judge’s Approval: The final step involves presenting your case to a judge. Upon reviewing the case, the judge signs off on the foreclosure, effectively transferring ownership of the property to you.
Addressing Deceased Owners in Tax Lien Foreclosures
A common question in tax lien foreclosures is, “What happens if the property owner is deceased?” Ken addresses this directly, stating, bluntly, that if they're dead, they're dead. This situation doesn't necessarily complicate the process:
1. Title Remains the Same: The person listed on the title, whether alive or deceased, is what matters. If the owner is not available due to death, their absence simplifies the transfer process.
2. Legal Publication: A critical step in such cases,
Navigating Tax Lien Auctions and Foreclosure: An Expert's Insight
Practical Steps and Legal Nuances to Successfully Acquire Property through Tax Liens
Understanding the Foreclosure Process
Notification of Property Owner
The first step in foreclosing through a tax lien is notifying the property owner. Ken explains, "All we have to do is notify the owner of the property. That's it." Notification is a crucial step because it officially informs the owner that they have defaulted on their tax obligations, and foreclosure proceedings are imminent if the debt is not settled.
However, complications can arise if the property owner is deceased. Ken mentions, "But what happens if the owner's dead? They're dead." This situation necessitates a slightly different approach, but fundamentally, the process still moves forward smoothly.
Dealing with Deceased Property Owners
Title and Legal Implications
If the property owner has passed away, the title remains a key factor. Ken states, "The person who's still on title, that's it. So they're not around. So it's easy to have." In such instances, the title's status remains unchanged during the initial stages.
Steps to Follow in a Tax Lien Auction
Finding the Lien
When engaging in a tax lien auction, the investor must first identify the lien on the property. Ken emphasizes the importance of due diligence, "Remember when you're doing a tax lien auction, find the lien on the property."
Sending Notices and Filing Paperwork
Upon identification of the lien, the next essential steps are sending the requisite notices and filing the appropriate paperwork. Ken outlines, "If they don't pay the taxes, you send the notices, you file the paperwork."
Judicial Procedures and Newspaper Publication
Court Proceedings
After filing the paperwork, the matter proceeds to court. Ken explains, "You go in front of the judge and the judge says, okay, the guy's probably dead, but you still gotta do a publication." Here, the judge's role is pivotal; they review the situation and instruct further necessary actions.
Publication Requirements
A critical legal requirement is the publication of foreclosure proceedings. Ken notes, "Do a publication and then, fine, come back in six weeks and I'll sign up." Publication, typically in a newspaper, serves to inform the public that the foreclosure process is underway. This transparency step allows any other interested parties to emerge before the finalization of the foreclosure.
Finalizing the Deed
Judge's Approval and Deed Issuance
The final step is obtaining the judge's approval and the issuance of a new deed. Ken reassuringly points out, "The judge signs it off and says, here's your deed. You own it." Once all prior steps-notification, publication, and court appearance-are completed, the judge formally transfers ownership of the property to the investor.
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This makes it uncomplicated.