Timothy48340
Junior Member
What is the name of your state (only U.S. law)? Michigan.
Michigan Compiled Law says something about a tax auction sale can be set aside for various reasons that include that the taxes were paid.
If someone were to take advantage of this, what taxes would need to be paid before the auctuon? Past due ir cureent taxes as well?
There's something called a "cancellation amount." Is that the amount that would have to paid? (To invalidate the sale)
Us the cancellation amount always the same as e minimum big advertised in the upcoming auction?
If the homowner gets together am amount equal to the minimum bid and pays it in person at the tax office before the auction starts, does this stop the auction? Can the county go though with the auction anyway?
If they do go through with the auction anyway, and if that invalidates the sale, does invalidation happen automatically, or must it be ordered by a judge after it is shown the conditions are met.
Would it be possible to get a mortgage when there's a tax auction scheduled? Amd I'm noyt asking about the creditworthiness of the person trying to get there taxes paid, rather whether a bank could strure a mortgage that guarantees them a lien or the property, still owned by the borrower?
Or could the county take the taxes AND the property, leaving the borrower and the bank with nothing?
That is what I intend to do. There's plenty of equity in the house. I plan to get a loan an rush in there and pay it just in time, but I'm afraid, theyll take my cash and simply say sorry, you lose your home anyway.
-Tim
Also, what changes if the money is paid immediately after the auction? Is that the redemption period? Suddenly more money? To the high bidder instead of the county?
Michigan Compiled Law says something about a tax auction sale can be set aside for various reasons that include that the taxes were paid.
If someone were to take advantage of this, what taxes would need to be paid before the auctuon? Past due ir cureent taxes as well?
There's something called a "cancellation amount." Is that the amount that would have to paid? (To invalidate the sale)
Us the cancellation amount always the same as e minimum big advertised in the upcoming auction?
If the homowner gets together am amount equal to the minimum bid and pays it in person at the tax office before the auction starts, does this stop the auction? Can the county go though with the auction anyway?
If they do go through with the auction anyway, and if that invalidates the sale, does invalidation happen automatically, or must it be ordered by a judge after it is shown the conditions are met.
Would it be possible to get a mortgage when there's a tax auction scheduled? Amd I'm noyt asking about the creditworthiness of the person trying to get there taxes paid, rather whether a bank could strure a mortgage that guarantees them a lien or the property, still owned by the borrower?
Or could the county take the taxes AND the property, leaving the borrower and the bank with nothing?
That is what I intend to do. There's plenty of equity in the house. I plan to get a loan an rush in there and pay it just in time, but I'm afraid, theyll take my cash and simply say sorry, you lose your home anyway.
-Tim
Also, what changes if the money is paid immediately after the auction? Is that the redemption period? Suddenly more money? To the high bidder instead of the county?
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