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| Tax Foreclosures
- Government Foreclosures |
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This article is only intended as an introduction to tax foreclosures
and the tax foreclosure process. A tax foreclosure is a
legal procedure used by government agencies to enforce a lien
against a property for non-payment of income taxes or property
taxes. Government agencies hold tax foreclosures one to four
times a year. The IRS will sometimes place a tax lien on a
home or other real property and sell it at an auction to recover the
unpaid income taxes. When a tax lien is put on a property, it
takes priority over all other liens on the property. State and
local governments raise revenue via property taxes. When
property taxes become delinquent, an involuntary tax lien is placed
on the property by the taxing authorities to recover the amount
owed. If the delinquent taxes are not paid within a
predetermined time frame, the property is then sold at public
auction. A minimum opening bid is required that covers the
delinquent property tax amount, legal costs, interest,
penalties, and miscellaneous fees.
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Bank Foreclosures - Tax Foreclosures |
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Purchase Tax and Bank Foreclosures Below Market Value |
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Large National Foreclosure Data Base of Government and
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Bank Foreclosures Updated Daily with
Property Alerts |
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Click on the Picture Below to Learn More |
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The highest bidder at the auction receives a tax sale certificate
when he pays the bid amount. The delinquent property owner can
regain title to the property if they pay back the lien amount plus
interest and miscellaneous expenses before a redemption period set
by law expires. The redemption period can vary from several months
to several years in some states. If the delinquent property owner
exercises his right to redemption, they must pay an interest charge
that can be fairly large on the amount paid at foreclosure by the
purchaser. Before you place a bid at a tax foreclosure, be
sure you know how long the redemption period is. When the
redemption period expires, the purchaser can petition the court to
foreclose and remove the delinquent parties right of redemption.
When the tax foreclosure process is complete, the court issues a
deed that conveys the property title to the purchaser. If the
bid amount was greater than the amount owed to the government, the
excess amount will go to the next property lien holder or to the
previous owner if there is no lien holder.
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All liens on the foreclosed property are generally removed upon
completion of the tax foreclosure process. However, if a
previous lien holder attempts to enforce their lien on a foreclosed
property, it is the new owners responsibility to defend against
their claim. If there is a mortgage lien on a property,
lenders will usually pay the taxes and add the amount to the
property owner's mortgage to avoid foreclosure and protect their
investment. Many properties don't make it to the foreclosure
process for this reason. If you intend to bid on a property at an
auction, learn everything you can about the property. Are
there any other liens on the property? How is the property
zoned? Can you build on the property, etc.? You should
be thoroughly aware of the risks and potential headaches involved
with tax foreclosures and clearly understand what the delinquent
parties legal rights are, specifically their redemption rights.
Be sure to rigorously study the tax foreclosure process before
bidding. In rare cases, you can gain title to a property for
pennies on the dollar.
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Software LLC |
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