Alaska Clerk's Deed - Foreclosure of Property for Delinquent Tax Lien
Description Does Alaska Have Property Tax
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FAQ
Tax deed sales must eliminate any community association liens and debts acquired prior to the tax deed. Tax deed sales must reduce any code enforcement liens to hard costs if the tax deed investor timely addresses such liens and underlying issues after purchasing the tax deed.
A tax lien sale is a method many states use to force an owner to pay unpaid taxes.The highest bidder gets the lien against the property. The tax collector uses the money earned at the tax lien sale to compensate for unpaid back taxes. The homeowner has to pay back the lien holder, plus interest, or face foreclosure.
This means that if the lender forecloses, the federal tax lien on the homebut not the debt itselfwill be wiped out in the foreclosure. If there are any excess proceeds after the foreclosure sale, the IRS may seek to recover that money and apply it to the outstanding debt.
If all attempts to collect on the delinquent taxes have been exhausted and the redemption period expires, the lien holder can initiate a judicial foreclosure proceeding against the property itself. The court then orders a foreclosure auction be held to collect the money to satisfy the unpaid tax lien.
Normally, because property tax liens are superior to all other liens, their foreclosure eliminates all junior liens, including those for mortgages. Occasionally, buyers of tax-foreclosed properties have discovered that the property actually carries a surviving mortgage lien.
In cases where the mortgage lender recorded its lien (the mortgage) before the IRS records a Notice of Federal Tax Lien, the mortgage has priority. This means that if the lender forecloses, the federal tax lien on the homebut not the debt itselfwill be wiped out in the foreclosure.
Foreclosure Eliminates Liens, Not Debt Following a first-mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished and the liens are removed from the property title.
The answer is, it depends. For homeowners who would like to keep their homes (by redeeming the mortgage during the 6 month redemption period) they must pay property taxes as well as any interest and costs as well as the balance of the loan. In that case, the answer is simple the homeowner is responsible.
The biggest difference between a tax deed sale and the foreclosure sale has to do with due diligence by the buyer.The buyer is also liable for homeowner or condominium association fees after the tax deed is issued by the Clerk of Court.