Surplus Funds
Surplus funds are the extra money left over after a tax sale when the sale price exceeds the taxes owed. It's crucial to know about them because these funds might belong to you.
Foreclosure Auction
A foreclosure auction is a public sale of a property after the homeowner fails to make mortgage payments. It's the final step in the foreclosure process, aiming to recover the lender's losses.
Tax Lien Certificate Sale
A tax lien certificate sale is when local governments sell the right to collect unpaid property taxes to investors. This can be an avenue for investment but comes with risks.
Statute of Limitations on Liens
A statute of limitations on liens refers to the legal time limit within which a lien, especially a tax lien, can be enforced. This time limit is crucial for both the government and taxpayers to understand.
Bank Levy Lien
A bank levy lien is a legal action by the IRS (or a state tax agency) to seize funds directly from your bank account to cover unpaid tax debts. It's a serious matter that can disrupt your finances.
Wage Garnishment Lien
A wage garnishment lien is a legal order that requires your employer to withhold a portion of your paycheck to pay off a debt. It's usually a result of unpaid taxes or other debts.
Business Tax Lien
A business tax lien is a legal claim against your business’s assets for unpaid taxes. It can severely impact your business, so it's important to understand it.
Real Estate Tax Lien
A real estate tax lien is a legal claim against your property for unpaid taxes. It can significantly impact your ownership rights, so it's essential to understand.
Default Judgment Lien
A default judgment lien is a legal claim against your property arising from a court judgment you didn't respond to. It can significantly affect your financial well-being and credit.
Revenue Officer
A Revenue Officer is an IRS employee who handles more complex tax issues, often involving tax debt collection. Understanding their role can help you respond effectively if you're contacted by one.