Is there someone who is familiar with Illinois tax lien sale?

Question

I would like to buy a tax lien but I am confused with the 2 yr redemption period here in Illinois. If you purchased a lien for the tax year 2006(sold in 2008), and the owner did not pay their taxes and failed to pay again in tax year 2007, will you have the right to purchase the 2007 taxes and foreclosed the property OR will it be sold again in 2009 for the 2007 tax sale? Please help THANKS

Answer 1

The time of the tax sale varies by county.  You have to follow the regulations about notifying the last taxpayer on record for the property or other interest parties about redemption.  If they do pay the taxes, you get that money with the interest.  If they do not, you can get tax deed and possession of the property after 2 years.  In the meantime, I assume that you have to pay taxes on the property.  But read through the rules, and make your own decision.

Answer 2

You can probably foreclose on the property.   Be prepared to pay off the second lien holder (for 2007 taxes).