Types of Notices
Depending on the jurisdiction you may be required to give several different notices during the time frame that you hold the lien. All of these notices are paving the way for you to get the property if the taxpayer does not redeem the lien.
The types of notices that are often required (sometimes more than one) are:
- Notice of expiration of the redemption period
- Notice that a petition will be filed to foreclose the right of redemption
- Notice that a petition has been filed to foreclose the right of redemption
- Notice of foreclosure of the right of redemption
- Notice to appear for the court hearing
- Notice of an application for a tax deed, and so on
Each state will have their own requirements and we will cover them in the state books, but right now you need to understand that it is your responsibility to file these notices and that failure to do so will, more than likely, cost you 100% of your investment.
Responding to Notices
During the period of time that you hold the lien you will be a party of interest yourself. This means that you will, more than likely, receive some notices yourself.
These can be any of a number of things:
- Demolition notices
- Notices to clear weeds
- Nuisance notices
- Bankruptcy notices
- Infinite listing of other notices
NEVER IGNORE THEM
Call the jurisdiction and ask what you are required to do. They may tell you that you have nothing to do, and in the case of a number of them you don't have to do anything, but when you hang up with the taxing jurisdiction, call your attorney and ask him. It is better to be sure than risk your investment. Some of the notices you have to reply to, bankruptcy being one. If you get a bankruptcy notice you must file a claim with the bankruptcy court.
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