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What happens to the person who owns the property when the property tax lien on their home is auctioned in a public auction?
Wiki User
∙ 14y ago
It depends on the jurisdiction. You must check your state laws. There may be a right to redeem: you pay the government the taxes, penalties, interest, fees and any other costs, and the person who bought the lien is reimbursed. Redemption periods vary according to state law and those time periods are critical - if you miss it you could lose the property.
Many jurisdictions now use a judicial process to take and sell property for delinquent taxes. Redemption is barred by the decree. Massachusetts is one example. In that case the buyer is the new owner and you must move out.
Wiki User
∙ 14y ago
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What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
What happens if person dies and property is not paid for?
the city/state will sieze the property and do 1 of 2 things... have an auction to obtain the monies owed and/or keep the property and do as they mean fit
What happens if you die and you have no family to claim your body?
If a deceased person has no person(s) to claim the body, the body will be buried at a State site. Records will be kept in the event a person does claim the person. If not, any property the person owned will become State property and most often auctioned off, or in the case of a home will be returned to a bank.
Can a foreigner buy a property in an auction for foreclosure?
Yes. A person does not have to provide proof of citizenship to purchase real property in the US.
Can you still owe money after your motorhome is repossessed?
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
How does a foreclosure affect an investor purchasing a property at auction?
the person could go into a lifetime of debt....NOT GOOD!
If you buy a car and it quits while you're on vacation and you call the person to come and repo the car in the state that you are in can you be held liable for paying for the vehicle?
This is called a voluntary repossession. What happens is the car will be auctioned in the condition that it is in and say you payoff is $12,000.00 and the auction for the car brings $9,000.00, there will be a judgment issued in the amount of $3,000.00. This will also stick with you on your credit.
Can the person who holds the property sold in a bankruptcy auction charge boarding and not release livestock sold?
It will depend on how the bankruptcy auction paperwork was filled out as to whether or not a person that holds the property can charge boarding and not release the livestock that was sold. Contact a local lawyer that knows your states and local laws regarding this issue.
Where can a person research property in Greenville?
One can research property in Greenville on the Greenville county website where it also shows a list of properties that are to be sold which include some at auction. Property Shark is also an informative website on property listings and can arrange viewings.
How can one claim a deduction for a car donated to charity?
A person can claim a deduction for a car donated to charity depending on whether the car was auctioned off or given to a needy person. If the car was auctioned, the deduction can only be the amount the car was auctioned for. If the car was given to a needy person for no cost, you can claim a deduction for the fair market value of the car.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
Can a bank take property they have no interest in?
Yes, a bank can take property that they have no interest in. This usually happens when a person has not paid their loan, and now has no right to the property.
