2008 Forfeiture - Foreclosure Timeline
2008 DELINQUENT TAX PROPERTY FORECLOSURE TIMELINE
March 1, 2009
2008 taxes are turned over delinquent to the Otsego County Treasurer
By June 1, 2009
Taxpayer is notified of delinquency via 1st class mail
By September 1, 2009
Taxpayer receives 2nd notice of delinquency via 1st class mail
On October 1, 2009
Additional $15.00 fee added to each delinquent parcel
On November 1, 2009
List is compiled of properties subject to forfeiture on March 1, 2008
On March 1, 2010
$175.00 fee is added to parcel and property is forfeited to the Otsego County Treasurer. Interest rate on unpaid balance increases to 1.5% per month retroactive to March 1, 2009
Between March 1, 2010 and January 31, 2011
1. Title searches conducted to identify parties with legal interest in the property.
2. Petition seeking foreclosure of forfeited property filed with Circuit Court
3. Personal visit to forfeited property with personal service or posting of notice
4. Administrative Show Cause Hearing held
5. 4th notice of delinquency and imminent foreclosure made via certified mail
Between January 1, 2011 and March 31, 2011
Final/Circuit Court hearing for foreclosure judgment will be held during this time period. Property owner (or certain other parties with a legal interest in the property) has until March 31, 2011 to redeem the property by paying all taxes, interest, penalties, and fees on uncontested cases
On April 1st after Foreclosure Judgment
Title to property is forfeited permanently to the Otsego County Treasurer
Between July 2011 and November 2011
Foreclosed property offered for purchase at 2 public auctions to the highest bidder
