1)    Homeowner Falls behind on taxes:

zzzzzza.    County sends out annual tax bill.

2)    Third party buys tax certificate:

xxxxx(PRS is not the “Third Party”)

zzzzzza.    County sells tax certificates to

xxxxxxxxxrecover delinquent property tax.                          

zzzzzzzzzzi.    Large companies buy tax

xxxxxxxxxxxxxcertificates in bulk.

zzzzzzzzzzii.   Individuals buy single tax

xxxxxxxxxxxxcertificate when available.

3)   Third party certificate holder foreclosure:

zzzzzza.   After one year the certificate holder forecloses.

zzzzzzzzzzi.    The certificate holder is required to hold the certificate for one year.

In order for the certificate holder to be paid, a foreclose action is sometimes required.

zzzzzzzzzzii.    Third party certificate holders sometimes extend a payment plan, however, our target market are the property owners who either did not obtain a payment plan or have defaulted on a payment plan.