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Which States Have Property Tax Liens ?
Almost all the 50 States in the United States have tax liens. A tax lien is a liability or an opportunity for others that becomes available when the original owner of the property does not pay the taxes. The government takes away such properties and then sells them as tax lien certificates to others people. |
People who buy the tax liens get the position of the government over the debtors and they get the right to sell or auction the property when the borrower does not pay the tax. The tax lien certificate holder or the investor gets a right even before the mortgage lender to auction the property. Typically a mortgage lender will have to appeal in the court for the permission to auction the property. After that the court reviews the case and then sends a notice which can be for 2 to 3 months time period and then authorizes the mortgage lender to auction the property by fixing a date. However, the long wait can be directly cut short for an investor in tax lien certificates.
The tax lien certificates are available in all the states because people buy homes on mortgage everywhere ion the United States. However, every single state in the United States has its own set of rules for the tax liens and they charge the tax liens according to the percentages specified in the state laws. Also, there are several rules that apply to the tax lien certificate holder also and they cannot directly auction the property.
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