Tax Foreclosure is a process by which a property owner loses their rights to a property due to unpaid taxes. It differs from other types of foreclosure because there are not necessarily any lenders or loans involved. When a property has outstanding taxes, the local government will place liens on the home in order to obtain payment and ensure they receive their due amount of money. If these taxes remain unpaid, then the government can initiate a Tax Foreclosure Process. This process involves sending notices to the homeowners warning them that their right to own the property may be taken away if they do not pay what is owed within an allotted time frame. Once this period passes, the government will take full ownership of the house and auction it off in order to recoup what is owed in back taxes.
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