Reasons of Losing Property to Foreclosure

Reasons of Losing Property to ForeclosureThere are a couple of reasons to lose your home to a foreclosure. The most common is not paying the mortgage. Remember that financial struggles can jeopardize your right to stay in a property. However, the law states that you cannot be evicted right away.

Do take note that the lending institutions would serve notices to you before an actual foreclosure can proceed. Also, some states would allow you to stay up to the last day, until the deed is transferred to the new owner.

Failure to pay the taxes can also cause you to lose your property. If you owe money to the Internal Revenue Service, they can seize your property as payment to the IRS tax lien debt owed.

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