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Tax Sale Bombshell!!!

Posted by 15789465 on

I previously posted about Senator Pittman's bill in the Alabama legislature to reduce tax sale redemption interest rate from 12% to 7.5%  It is SB362. Everyone is focused on that.  BUT, IN ADDITION.... On May 5th, he introduced an amendment to his bill. The amendment says the redeeming party does NOT have to pay the investor for preservation improvements and other charges before redeeming. The county official can issue the redemption certificate anyway. I'd heard this bill and its amendment would be killed in committee, but it's back on track again!!!! Please CALL or email your elected officials and tell them to vote NO.  If the bill passes, with the amendment, you will be left with NO remedy to get your preservation improvements.  You can't file a lien against the property, because that is not allowed--the property owner could sue you for "clouding title" or "slander of title.". All you will be able to do is sue the redeeming party, get a judgment, and THEN file a lien.  Insane!

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6 comments

  • Way bad

    john davis on
  • I don’t know, Alan. Nothing reflected in the minutes yesterday.

    Denise L. Evans on
  • This bill was on the calendar yesterday, right? Did it go anywhere?

    Alan Dawkins on
  • As an individual who hopes to move to northern AL later this year and invest in tax sales, PLEASE take Denise’s advice and take a couple of minutes to contact your representative. Shelton Stubbs

    Shelton Stubbs on
  • It failed to pass. Thanks for your support, though. Can I count on you for an early show of strength next time, because this will come up again!

    Denise L. Evans on

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