IRS Foreclosures

When you don't pay your taxes the Internal Revenue Service (IRS) has a legal mandate to seize your property and put it up for auction to the highest bidder. An important aspect of IRS foreclosure procedure is the Right of Redemption. Basically, if you come up with the funds you owe, either before your home is auctioned, or within 180 days of its sale, you have the right to redeem your property.

Bankruptcy has an alluring feature called the automatic stay, which may help you avoid an IRS foreclosure seizure. The moment you file for bankruptcy, the automatic stay stops creditors and bill collectors in their tracks! This means the IRS can't issue a tax lien or seize your property but it can continue an audit, issue a tax deficiency notice, demand a tax return, or issue and demand payment of a tax assessment. After your bankruptcy has been resolved, the IRS can seize the home you owned when you filed for bankruptcy. However, the agency is very concerned about negative publicity and usually seizes home property only when a taxpayer makes no effort to otherwise resolve the problem.

Investing in Home Foreclosures

Whether you're a novice or a professional "rehabber," who fixes up foreclosed properties, you'll need to stay on top to come out ahead. We've gathered resources and culled information from varied sources to bring you timely information on Home Foreclosure Prices, and Financing Foreclosure Purchases. Why Buy Foreclosed Homes, you might ask. There are plenty of solid, smart reasons and we'll share them with you, along with buying foreclosed homes tips, and resources on Home Foreclosure Listings.