Are there any limits as to who can purchase tax liens in New Jersey?
Generally, any individual, corporation, partnership, LLC or other entity may purchase tax liens. The only limitation is that an owner or other entity which is already obligated to pay the taxes, may not benefit by obtaining a tax lien on the same property. • When can I start to foreclose on a tax lien? Tax liens that are purchased at auction cannot be foreclosed for two years following the auction. If the lien is purchased from the municipality by assignment (after it was struck off to the municipality at auction), then foreclosure may be started six months after the date of the tax certificate. • How long does it take to foreclose on a tax lien? It takes eleven months on average to complete foreclosure proceedings for a private (non-municipal) lien holder. Some files are completed faster than others due to variable factors such as: (1) The number of defendants; (2) The ability to locate all defendants; (3) Whether a defendant files a contesting Answer or Bankruptcy; (4) The necessity
