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Charlotte Foreclosure Homes and role of government

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By : John Smith    99 or more times read
Charlotte Foreclosure Homes are compounding in both length and breadth for last 4-5 years. Factors to be blamed for this growth are havoc in credit market, devastation of job and employment opportunity and substantial default by homeowners to pay installments of home equity loans and home tax. Purchasing these homes offer more than advantages to buyers and people interested in real estate. Even people who are already homeowners are also purchasing these homes for second residence purpose. These properties offer profitable return if sold after renovation and offering it a cosmetic look over. Foreclosures in Charlotte might be done by the lenders like commercial banks or by the government itself. This article will discuss government foreclosure in details.

Pivotal foreclosure process adopted by government is tax foreclosures. In every country, home tax is one of the primary revenues for the government. Payment of home tax to the government is a national duty and incompliance with it leads to severe consequences. Government sends several reminders to the landlord to pay the home tax on time. Be it a job loss or any other adverse financial situations, many homeowners often forget to deposit the home tax. As a result, the amount starts snowballing. At this juncture, government has no other option left except to foreclose the home of and recover the unpaid tax amount.

Apart from tax foreclosures, government also forecloses for non-repayment of home equity loans. In US, there are several government agencies who act as a borrower’s guarantor before commercial banks. The type of loan here is home equity loans. Intention of government here is to help people in availing loans with lesser hassles. When the borrower does not repay the borrowed amount, government foreclosures also occur.

Government Charlotte Foreclosure Homes follow mammoths of legal processing, notices and procedures. All foreclosed properties are sold by government agency in an open auction. If amount available at the time of auction is more than the due (tax or loan) rest amount is returned to the homeowner. These properties cost very low compared to properties foreclosed and sold by banks. Lower income groups are also given priority at the time of auction and they have the facility to pay the cost of the home in installments.
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