Tax,Liens,Against,Real,Estate, finance, share, loan Tax Liens Against Real Estate Property
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There are many homes and pieces of real estate property that are being auctioned off because of tax liens. Homes that are being seized because of the owners' failure to pay their property taxes are becoming more common. If a person reads the paper, watches the nightly news or listens to the radio, he or she will be all too familiar with foreclosures and short sales that are sweeping the nation. Because of the bursting of the housing bubble, a shortage of jobs and underwater mortgages, many homeowners are losing their houses, condominiums or townhouses because they're unable to pay their bills. Here are some things to think about:- What exactly is a tax lien? A lien is defined by Dictionary.com as a noun meaning "the legal claim of one person to secure the payment of a debt or the satisfaction of an obligation." In this case, a homeowner didn't uphold his or her obligation to pay property taxes, and so the county treasurer made a legal claim to collect it. - How often are these taxes due? Twice a year, once in the fall and once in the spring. If a house has a mortgage, the mortgage company would collect enough to pay annual payments in incremental portions each month. A mortgage payment is usually considered P.I.T.I. which stands for payment including taxes and insurance. When a person stops paying the lender, the lender stops paying the county treasurer. - What's the difference between tax liens and foreclosures? A foreclosure is taken back by the bank for nonpayment of the loan. There have been a record number of foreclosures in recent years and the numbers are still climbing.- What is a short sale? A short sale is a bit different from either a foreclosure or a home that has fallen behind on tax payments. In a short sale, the homeowner works with a buyer, the bank and a realtor to sell the property for less than is still owed to the bank. Because so many loans have a higher loan balance than what they're worth, this has become an option for many buyers, sellers, and lenders affected by tax leins.- What do real estate taxes pay for? When a citizen owns a home, not only does he or she get to enjoy the dwelling, but also the surrounding neighborhood, streets, public schools, libraries and parks. Emergency personnel at the fire station and police department are paid for out of this public fund as well. Road maintenance crews, snow shoveling trucks, and public swimming pools are funded by these fees, too.- Is there a drawback to buying these distressed properties? There are pros and cons of buying any distressed house, condominium, or townhouse. Some of the pros include that they are often obtained at bargain prices, and it may be a great way to buy one's first home. Downsides include that the places may need lots of work to make them habitable. As long as a buyer performs inspections of the place and can afford the renovations, it could be a win-win all around except, of course, for the individuals who lost their home. Hopefully, those former homeowners ended up in a more affordable place to live without all the stress.
Tax,Liens,Against,Real,Estate,