There
are two ways of losing your house, one is foreclosure and the other is property
tax lien. Almost all of the realtors as well as novice realtors know about
foreclosure, in which if the individual fails to pay the debt of bank or
financer, the property I sold. However, most of the people are unaware of the
process of tax lien, more dangerous than foreclosures.
Liens
are placed on the property when the individual fails to pay government taxes on
the property. The liens cover all of your personal, real estate
and business properties including vehicles. The lien also covers your bank
accounts thereby making it almost impossible to perform money matters.
According
to Dean Graziosi when a lien is placed on the property of an individual, he
literally loses his control over the property. Now the property is under
control of the government. In case if the taxpayer clear his lien, the property
will be handed back to the owner. If the taxpayer fails to pay the tax, government
seizes the property.
Here it
is also important to note that once the notice is issued, individual cannot pay
the debt in installments. A lien tax is always paid full and in one
installment. Dean Graziosi urges
his students to fulfill all their taxes and legal obligations. If an individual
tries to cheat government, skip taxes and avoid law procedures, he will sooner
or later lose his entire property and dignity in the business world. Remember
there are no shortcuts to avoid taxes.
Dean
Graziosi is a successful real estate millionaire. He started real estate
business some 20+ years ago at the age of 18. Today he has achieved apex of his
profession. Now he is earning millions of dollars with every passing year. He
is one of the most famous TV infomercial personalities. He also conducts live
events throughout America.
Dean
started his career with Motor Millions business. He started by dealing with
auto parts. Soon he arrived in the field of real estate and since then never
looked back. Dean belongs to Arizona America. He lives at Phoenix with his wife
and two kids. He is still teaching novice and aspirants skills and techniques
of real estate. Dean believes that in order to achieve success in any field,
one must understand basics of that field.
When one
enters in to the field of real estate, it is almost impossible to avoid
foreclosures, liens and other such adverse situations. In order to cope with
the situation according to law it is important that you must understand there
are ways with the help of which you can avoid foreclosures and liens. Following
are shared some factors with the help of which you can avoid entering into
property tax lien.
Pay the Taxes on Time:
Best way
to avoid entering in to foreclosure or entering into tax lien is to pay all
your debts and taxes on time. Here it is also important to note that once the
lien is placed on your property you have to have a price double the worth of
your original tax debt. In addition to this, almost all of your property is
covered under debt of lien. Your name is placed in government's records of lien
therefore making it difficult to purchase or sell any new property.
Avoid Purchasing a Property Under
Debt:
An excellent
and comparatively easy way to avoid entering into tax lien is to avoid
purchasing a property that is already under debt.
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