How Do You Prevent A Tax Lien Sale?
Individuals who fall behind on their taxes are subject to receiving a tax lien placed against them. A lien, simply put, is a legal instrument that allows the taxing agency to seize and sell assets in an effort to satisfy outstanding tax debts. The assets are sold at auction to the highest bidder and ownership is transferred within one year of the auction date. Once your property has been targeted for foreclosure, the only way to prevent the sale is to pay your tax debt. Determine the date your property will be sold. This date will be listed on one of many notices that you have received regarding the status of your tax situation. You can also locate this information on the tax agency’s website or by phone. It is important that you find out this date as soon as possible in order to redeem your property and prevent the sale. Make arrangements to redeem your property. Redeeming a property simply means that you pay the outstanding amounts due. You can do this in a number of ways, including
