Real Estate Tax SalesWhat are real estate tax sales?Real estate tax sales happen as a result of homeowners failing to pay taxes on their properties. Unlike mortgage foreclosures, whenever property taxes are delinquent, the homeowners get about three years to bring the taxes current. If the taxes are not paid within the required period of time, the taxing agencies will foreclose on the properties. This is called property tax foreclosure as opposed to mortgage foreclosure.
Unlike mortgage foreclosure, real estate short sales are not available to stop property tax foreclosure or real estate tax sales. Sometimes, filing bankruptcy can reduce the amount of taxes owed but usually tax debts are not forgiven even when the homeowners file for bankruptcy protection. |
