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A notice of default is a notification given to a borrower stating that a payment has not been made by the predetermined deadline, or is otherwise in default on the mortgage contract. Other ways a borrower may be in default include not providing proper insurance coverage for the property, or not paying due property taxes as agreed.
Initially, City Officials were "elated" to receive $4.5 million for their portion of the liens, but in January 2008 the City of Syracuse refused to sell ATF any subsequent liens and in December 2008, the City sent notice of default to ATF, citing in part that ATF had allowed already vacant properties to further deteriorate and had also refused ...
Internal Revenue Code section 6321 provides: . Sec. 6321. LIEN FOR TAXES. If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to ...
In most cases, a lender will not send a homeowner a notice of default until the loan is 90 days past due or there have been three missed mortgage payments. Some lenders will wait longer, while ...
Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien".
The payment of the property tax is usually made before mid-October. The tax notice is drawn up in the name of the owner who is the only person liable for the property tax. The precise deadline for paying it varies depending on the method of payment chosen. Exemption from property tax. In certain situations the property tax allows exemptions.
Also, recording laws generally do not protect purchasers against real estate taxes because notice of them is usually not required to be recorded for them to be effective. Finally, certain classes of nongovernmental liens such as mechanic's liens are often made effective for a certain period of time even if they are unrecorded.
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