These days, the people of USA are facing many economical problems. They are under pressure from many sides. The biggest tension that they are facing is their job and various other problems. On top of that they are also facing the problem of Mortgage they have taken on their property. They are unable to pay the installments to the banks from where the loan was approved. Neither they are able to pay the Taxes to the government. Paying these heavy payments has made them suffer a lot in these hard situations. People mortgage their home, plots, shops or land to start their own small business to payback their debts and make some good living. Those people who arenít able to pay the installments every month are forced to leave their homes, plot, land or shop by the mortgage lenders.
When people take loan against their home, they have to pay the taxes of the loan taken to the government also. When they fail to pay the taxes they are said to become a defaulter. Then the government is compelled to forfeit their home away on which the load was approved. These properties are then being auctioned in the public places. Many buyers come there in order to get it for the lowest bid and they may get the highest money of profit. The minimum bid is chosen by the government or the banks which includes the value of the property and the amount of Taxes to be paid to the government. If during the auction, a person offers a highest bid and no one else is needs it at that high bid. Then that person wins the auction. Then the government subtracts the taxes from it from the time it wasnít been given till the present date. The person winning the bid, has to pay the taxes of the home purchased the cost of the penalty, cost for the auction and the purchased value of the house. The value of the house is told to the previous owner and he gets the said amount, but now he has lost his property.
The Taxes which government collects are usually used in many areas such as Government offices, hospitals, schools, library, etc. It is also used to cater the citizens in different developmental works such as maintaining or repairing of roads, buildings, producing clean water and electricity used on roads which is charged by the government from the people in taxes. Many other necessities of life are all given by the government due to the taxes that they are collecting from the people in from different sides.
The Tax Lien Payer gets a certificate by the government is also known as Tax Lien Certificate. It is given as a proof that the lien over the property has been paid off. Through this certificate the new owner can apply for the transfer of the ownership on his name.
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Jackson Green is a freelance writer. He has been writing these days on John Beck Real Estate program. He has also attended John Beck Foreclosure Current Events Seminar once for his research.
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