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That depends on state laws. Some states are able to grant abatements and in some states the amount owed cannot be reduced. In all states if you don't pay your property taxes the municipality can take possession of the property by foreclosing on the delinquent taxes. If you are having financial difficulties you should visit the tax assessor's office as soon as possible to determine what assistance may be available.
That depends on state laws. Some states are able to grant abatements and in some states the amount owed cannot be reduced. In all states if you don't pay your property taxes the municipality can take possession of the property by foreclosing on the delinquent taxes. If you are having financial difficulties you should visit the tax assessor's office as soon as possible to determine what assistance may be available.
That depends on state laws. Some states are able to grant abatements and in some states the amount owed cannot be reduced. In all states if you don't pay your property taxes the municipality can take possession of the property by foreclosing on the delinquent taxes. If you are having financial difficulties you should visit the tax assessor's office as soon as possible to determine what assistance may be available.
That depends on state laws. Some states are able to grant abatements and in some states the amount owed cannot be reduced. In all states if you don't pay your property taxes the municipality can take possession of the property by foreclosing on the delinquent taxes. If you are having financial difficulties you should visit the tax assessor's office as soon as possible to determine what assistance may be available.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThat depends on state laws. Some states are able to grant abatements and in some states the amount owed cannot be reduced. In all states if you don't pay your property taxes the municipality can take possession of the property by foreclosing on the delinquent taxes. If you are having financial difficulties you should visit the tax assessor's office as soon as possible to determine what assistance may be available.
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Can Foreclosure wipe out a secondary judgment lien on the property?
A foreclosure wipes out any liens that were recorded subsequent to the mortgage. However, the lender must give notice to the IRS if a tax lien has been recorded against the property. If not notified the IRS has certain rights that may encumber the property after the foreclosure sale. Delinquent property taxes are not wiped out.
What happens to to second lien if borrower defaults on first lien?
It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.
When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
What rights are available to the person that has a lien second to the bank on a property that has already sold at a foreclosure sale?
Hate to tell you, but in WA, none. The senior lien has already foreclosed, any any junior lien (including deed of trust or mortgage) was foreclosed with it.
Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
Can you do a voluntary foreclosure and can the bank come after you for any other fees or hidden costs or can the bank attach a lien to any other property such as vehicles or an existing paid for home?
Yes, you can submit to the lender a document called a deed of foreclosure. no
What happens to second mortgage during foreclosure?
If you're in the US and assuming it's the 1st that foreclosures… The 2nd lien hold is notified of the foreclosure and has the option of bidding on the property at the foreclosure sale (normally they don't). After the property is sold (which can take a while if they have to market it and the market is bad), the 1st lien holder gets paid first. Then if there are excess funds (which is not common), those funds go to the 2nd lien holder to apply toward their balance. The mortgagor is still responsible to the 2nd lien holder for any balance left due to them.
How do you collect a lien on property not worth as much as the lien?
In order to collect on the lien, you will need to see a real estate attorney and have the lien foreclosed. In some states, deficiency judgments are allowed (meaning that if the property is worth less than the lien, then any unsatisfied portion of the foreclosure judgment could be executed on other property of the defendants). See the phone book for real estate attorneys who give "free consultations."
How much do you need to owe the state of california before they place a lien on your property?
The state can record a lien against your property for any amount you owe.The state can record a lien against your property for any amount you owe.The state can record a lien against your property for any amount you owe.The state can record a lien against your property for any amount you owe.
Are the heirs to a property in foreclosure responsible for mortgage?
The estate is responsible for the debts of the deceased. None of the assets can be distributed until the debts have been paid. The bank has a prior lien on the property. The foreclosure of that mortgage will not affect the heirs in any way except to deprive them of inheriting the mortgaged premises. If the heirs wish to maintain that property then they would need to negotiate with the bank and pay off the mortgage. The foreclosure will not affect the credit records of the heirs.
What if you win lottery and stop paying mortgage?
The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
