County Treasurers have the ability to sell Property Tax Liens. This is a revenue raising device that then shifts the tax collection burden to the Tax Lien Certificate purchaser. They can then assess interest on the balance due. The applicable rates can vary, but are often in the range of 14-18% annually, which will accrue from the date of acquisition until the deficiency has been satisfied.
If you fail to pay the obligation via a lump-sum, work-out agreed monthly payment terms, or alternatively file for Chapter 13 Bankruptcy protection, the Tax Lien company shall have the right to initiate a Foreclosure. If the property proceeds to sale and no buyer materializes, a second (2nd) auction will be scheduled shortly thereafter. Should no bid be placed at the next sale, the Court will subsequently issue an Order of Forfeiture, and you will lose ownership of the parcel.
So if you wish to discuss how we can assist you in working-out agreed monthly payments in satisfaction of your Tax Lien Certificate deficiency, or are alternatively contemplating filing for Bankruptcy protection, then please contact us at (216) 691-7800 to further discuss those options.