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Definition of 'Tax Lien Foreclosure'
The sale of a property resulting from the property owner's failure to pay tax liabilities. A tax lien foreclosure occurs when the property owner has not paid the required taxes, including property taxes and federal and state income taxes. A statutory lien is first placed against the property of the person who has failed to pay taxes. The government that is owed the taxes (for example, the federal government in the case of unpaid federal income, self-employment, gift or estate taxes) will move to repossess the property in an attempt to recover the debt.
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Investopedia explains 'Tax Lien Foreclosure'
Properties that are foreclosed due to nonpayment of taxes are deemed tax lien foreclosures. Tax liens can be specific liens against specific property, such as with property taxes and special assessment liens. Tax liens may also be general liens against all property of the defaulting taxpayer, such as with federal or state income tax liens. Tax laws prevent the the former resident of the property (who failed to pay taxes) from bidding at the auction.
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Search results for 'Tax Lien Foreclosure'
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http://www.investopedia.com/articles/mortgages-real-estate/10/should-you-buy-at-an-auction.asp
... The two main types of property auctions are foreclosure auctions and tax lien auctions. Before a property reaches auction, several things have to happen. ...
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http://financialedge.investopedia.com/financial-edge/0711/7-Unusual-Property-Ownership-Rules.aspx
... In the United States, property auctions are only common among foreclosure and tax lien sales, and bidders are primarily professional real estate investors. ...
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http://www.investopedia.com/articles/pf/10/federal-student-loans.asp
... 90-day delinquency on any debt or be within five years of "a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment ...
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http://www.investopedia.com/articles/mortgages-real-estate/09/equity-stripping-assets.asp
... Loans To reduce the risk of foreclosure, some owners ... it may not have an outstanding lien on it ... distributions from the manager but incur tax liabilities, which ...
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