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What is a tax sale in Illinois?

End of November/Beginning of December: Tax sale: Any remaining unpaid taxes, with accrued interest and fees, are sold at a two-day tax sale. Tax buyers bid their \u201cservice\u201d fee for paying the taxes, with the lowest bid winning.

What is a tax sale in Illinois?

End of November/Beginning of December: Tax sale: Any remaining unpaid taxes, with accrued interest and fees, are sold at a two-day tax sale. Tax buyers bid their \u201cservice\u201d fee for paying the taxes, with the lowest bid winning.

How do tax deed sales work in Illinois?

It's worth noting that in a tax sale, it is the tax lien that is sold, not the property itself. The owner has a 24 to 30 month period in which to redeem those taxes (i.e. pay them off plus any penalties). If they fail to redeem their taxes, the buyer gets a tax deed and is entitled to do as they will with the property.

Does Illinois sell tax liens?

Furthermore, the Illinois Department of Revenue does not sell rights to the tax liens in the State Tax Lien Registry for collection purposes. Tax Lien Registry - Search for tax liens filed by the Illinois Department of Revenue.

Does a tax deed wipe out a mortgage in Illinois?

Because a property tax lien has priority, if you lose your home through a tax deed process, mortgages get wiped out. So, the loan servicer will usually advance money to pay delinquent property taxes to prevent this from happening. The servicer will then demand reimbursement from you (the borrower).

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