The term “Tax Foreclosures” is a legal procedure or process
that is expected to occur if a buyer defaults on a loan or the taxes applicable
on the property, which he lends for a mortgage. The lender or lending institution
takes back the hold of the property because of the irresponsibility of the borrower
in paying off dues and applicable taxes or loan applied on the mortgaged property
for whatsoever reasons. Therefore, it is in the best interest of the borrower
to pay off all the dues and applicable taxes prior to the agreed period of time so
as to make sure that no legal action, such as the auction of his/her property in the
the public is taken against him/her. The most notable thing for a borrower is to
that he/she must keep all the documents with him/her meeting all the terms and
conditions to avoid any Tax Foreclosures in dealing with other parties in
future.
Tax foreclosure property procedures are different in every
state. Many states follow an easy and simple tax foreclosure, whereby you only
have to appeal the county court or maybe through processes of applications to
obtain the deed to the property. Meanwhile, in other states, to go through the
tax foreclosure property, you will have to spend most of your time dealing
with an attorney, which will consume a lot of your time and waste your money.
In the United States, there are two sorts of property
foreclosure in most common law states. Using a “deed in lieu of foreclosure,”
the bank claims the title and possession of the property back in full
satisfaction of a debt, usually on contract. In the proceeding simply known as
foreclosure (or, perhaps, distinguished as “judicial foreclosure”), the
property is exposed to the auction by the county sheriff or some other officer of
the court.
Other states have adopted non-judicial foreclosure
procedures, in which the mortgagee, or more commonly the mortgagee’s attorney
or designated agent gives the debtor a notice of default and the mortgagee’s
intent to sell the immovable property in a form prescribed by state statute.
This type of property foreclosure is commonly referred to as “statutory” or
“non-judicial” foreclosure.
The schedules for auctions of the tax foreclosures properties
can be obtained by approaching the office of the Clerk of the District of the
area in which the mortgager owns the property. However, information on such
listings can also be obtained from the courthouse.