2011 Forfeiture - Foreclosure Timeline
2011 DELINQUENT TAX PROPERTY FORECLOSURE TIMELINE
March 1, 2012
2010 taxes are turned over delinquent to the Otsego County Treasurer
By June 1, 2012
Taxpayer is notified of delinquency via 1st class mail
By September 1, 2012
Taxpayer receives 2nd notice of delinquency via 1st class mail
On October 1, 2012
Additional $15.00 fee added to each delinquent parcel
On November 1, 2012
List is compiled of properties subject to forfeiture on March 1, 2013
On March 1, 2013
$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, 2012
Between March 1, 2013 and January 31, 2014
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, 2014 and March 31, 2014
Show Cause and Final/Circuit Court hearings 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 April 1, 2014 to redeem the property by paying all taxes, interest, penalties, and fees on uncontested cases
On April 1st 2014 after Foreclosure Judgment
Title to property is forfeited permanently to the Otsego County Treasurer
Between July 2014 and November 2014
Foreclosed property offered for purchase at 2 public auctions to the highest bidder
