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Termyn8or -> RE: Jury convicts man who says 'Yahweh' sold him foreclosed home Read more: http://www.nydailynews.com/ (7/17/2010 12:49:59 AM)
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"Also known as 'squatter's rights"
In this state I believe it requires five years of paying taxes as well as residency. If a bank has foreclosed they are already paying the taxes, thus stopping it from happening. It might be different elsewhere.
In Ohio they aggressively persue tax liens and will put you out. Once that happens though, say even if the credit provider does not pay the taxes, they get foreclosed on by the state. This is the only window of opportunity. From what I hear about the process in Ohio is that you just show up and pay the taxes for five years, and establish residence. This means all utilities and whatever, a few repairs help but you don't have to.
Once the state has possesion is the time, as it is the only time that absolutely noone else will pay the taxes. You are also subject to get out if the property is sold. And Ohio will auction them off. If the house is still owned by a bank or anyone like that, you can't do it usually unless they completely abandon the property.
Another interesting fact in Cleveland at least, if you buy a house from the state, or assume title in this manner, if there had been a loan on it there was insurance. In some cases there will be a demolition order if the place is in really bad shape. That costs money and once you own the house, the demolition fee has been remitted. If you turn it back into a viable residency, you get that money. Back from them, not back from you. Hard to put. They paid already, the refund comes to you. You actually get a few grand in your pocket. Oh, and I don't think it is even taxable !
Now is the time folks if you have money to get property, certain types of property. Some other time on that. But it ain't farmland.
T
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