Foreclosure Process of Tax Lien Properties

By dhinternational  /  July 22, 2014 / Comments Off on Foreclosure Process of Tax Lien Properties

Foreclosure Process of Tax Lien PropertiesTax lien foreclosures are undertaken by taxing authorities for state and federal taxes.  They do it with a police warrant forcing the property owner to vacate his home.  Afterwards, the property is sold to a public auction.

The main goal of a tax lien foreclosure is to recover lost revenues and unpaid taxes.  Tax lien properties are generally cheaper than its original market price.  This attracts many real estate buyers who want to invest money at very affordable properties.

The public auction of properties begins at a predefined schedule by the taxing authorities.  The highest bidders are awarded with tax lien certificates and required to pay ten percent of the total amount of the property.  The remaining amount must be paid in thirty days as mandated by the state laws.  If homeowner fails to pay within the redemption period, lien certificate holders may apply for foreclosure of the property and get ownership rights.

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