Can a lien holder enter into a payment plan to allow the property owner to pay off the tax lien over a period of time?
Generally, redemption must be made through a single payment to the tax collector’s office. This issue was recently addressed by the New Jersey Appellate and Supreme Courts, and it appears that private lien holders may enter into payment plans to cancel a tax lien under limited circumstances. Legal consultation should be obtained before you even consider taking any payment. • Will I be able to get title insurance after the foreclosure is completed? Yes, but most title insurance companies will not issue a title insurance policy for three months after Final Judgment. • Can a replacement be obtained if the original tax sale certificate is lost? Yes. N.J.S.A. 54:5-52.1 provides that municipalities may issue a ‘duplicate’ tax certificate for a fee of up to $100. The replacement certificate must be labeled with the word ‘duplicate’, and most municipalities charge $100 for this service. • What costs will be incurred in the foreclosure process and which costs are recoverable if the lien is rede
Related Questions
- Can a lien holder enter into a payment plan to allow the property owner to pay off the tax lien over a period of time?
- When I invest in a Tax Lien and the property owner doesn’t pay within the redemption period, what happens?
- What are the payment options to pay the delinquent tax amount before forfeiture of the property ?
