Cuyahoga County, Ohio is set to sell up to $12 million of unpaid property tax liens to a Florida investment group.
Any homeowner who does not make an arrangement with the county prior to a Dec. 11 deadline could see their debt sold to Finch Investment Group LLC. Terms of the sale were not disclosed in a published report. The county and the buyer of the debt will negotiate to determine an interest rate that the buyer can place on the debts, once they are purchased. The buyer will also be able to foreclose on the homes if the bills are not paid.
The county is carrying about $15 million of unpaid property taxes on 3,200 properties, but a state law caps a sale of unpaid liens at $12 million, according to a published report.
The county council must approve the sale and is expected to do so at a meeting in early December.