might be able to convert the lien certificate into a deed.
Some states allow the tax authority to take title to the home directly rather than conducting a sale. It can sell the home afterward according to the procedures provided by the state. A homeowner may have up to a year or even more to redeem their home after a tax sale. This would require reimbursing the purchaser of the home for the sale price and paying interest, or paying off the tax debt and any interest on it. You might be able to redeem your home before the sale as well, but this is usually not feasible because people facing foreclosure are dealing with significant financial trouble.
DIVORCE AND FORECLOSURE PREVENTION
Many spouses who are going through a divorce also find themselves facing a foreclosure on their home. Depending on whether one spouse wants to keep the home or neither spouse wants the home, you may have certain options to prevent the foreclosure. As a preliminary matter, you will need to determine whether one or both spouses are responsible for the mortgage and the promissory note attached to the property. If only one spouse signed the mortgage and the promissory note, they would be the only person responsible for the associated debt after a divorce. The other spouse would be free from collections efforts by the lender if a foreclosure results in a deficiency judgment. However, if both spouses signed the note, each of them would be liable for a deficiency judgment and could be pursued by the lender.
WHEN ONE SPOUSE WANTS THE HOME
A spouse who wants to keep the property should take responsibility for keeping up with the monthly mortgage
20
Powered by FlippingBook