|
I do not think a tax lien supercedes a mortgage.
There was a news clip here recently showing a mother/son buying their first "tax lien" property. It was a house that had sold at the top of the market for $360,000.00, now worth about $250k. What they didn't realize is once they assumed the property via tax-lien, they also assumed the "lien" placed by the mortgage holder. You should have seen their faces when the news reporter gave them the real scoop.
Not sure how it works elsewhere, but here in FLA, you have to check for all liens on a property (code violations, Fed Tax Liens, mortgages, etc.). These become your responsibility.
|