Tax Lien Foreclosures

By dhinternational  /  November 29, 2012 / Comments Off on Tax Lien Foreclosures

Tax Lien ForeclosuresTax lien foreclosures are conducted by the government on properties when their respective owners have not paid the property taxes. It works just like a bank foreclosure. The properties in the foreclosure list are sold to real estate investors who are interested in paying the back taxes, interest, and penalties of the delinquent homeowner. The government does this because they are more interested in the money earned from the sale rather than the properties. The money helps in providing public services that are needed by the people. Moreover, the selling of properties happens at an auction. Thus, allowing investors to place their bids on the tax lien properties.

Each state is different when it comes to the rules governing the sale. Also, the redemption periods and interests vary from state to state. Normally though it would take a number of years for the property owners to lose their properties to a foreclosure due to delinquent taxes. Furthermore, tax liens are put first to ensure that the owners would be prevented from selling their properties. These liens stay with properties and if they are bought by investors, the back taxes are going to be accountable to the new owners.

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