3 ms·
It auctions the lien, not the house. The new lien holder then foreclosures on the house and takes all the remaining equity.
by muzz 13y ago
It auctions the lien, not the house. The new lien holder then foreclosures on the house and takes all the remaining equity.
- xsmasher 13y agoYou are correct, they buy the lien and have to foreclose later. I'm still curious what myname would propose as an alternative collection scheme. The article mentions that Michigan stopped doing tax lien sales, so I checked up on what they do now: https://www.tax-sale.info/html/index/page/general https://www.tax-sale.info/html/index/page/general SPOILER: > The properties are then sold by deed at auction. Not much of an improvement over the lien process; just a faster foreclosure.