A foreclosure is a forced sale of property. The property may be sold for less than property owner owes. The former owner will be responsible for the remaining amount. A property owner can face one or both types of foreclosures.
Property tax foreclosure occurs when an owner doesn’t pay taxes collected by the county where the property is located. The property tax generally refers to real property, such as buildings and land.
A mortgage foreclosure occurs when a property owner defaults on a mortgage. A default is when the owner does not making mortgage payments on time.
A lien is a specific claim against a property. The legal claim allows the one who has the lien to go to court to obtain money. The liens the county or mortgage servicer the right to foreclose on the property.
The specific process depends on the jurisdiction. The state can be a non-judicial foreclosure state. This means the county or lender does not have to go to court to foreclose on the property. A judicial foreclosure requires the plaintiff, which is either the lender or county, to sue in court to obtain a foreclosure judgment.
It depends. Sometimes a mortgage and property tax foreclosure can be stopped in the same way. One way is via a Chapter 13 bankruptcy. The bankruptcy places a halt on the foreclosure proceedings and allows the owner to repay over a three year period.
A mortgage foreclosure can be stop via modifying the loan or short sale. A property tax foreclosure may be stopped by making an agreement with the county to pay the past due balance.
Yes, contact a foreclosure lawyer to understand more about what you can do to resolve either foreclosure.