Liens, Taxes and Foreclosures

This course discusses liens, taxes and foreclosures. There are many types of liens as well as several kinds of taxes that can attach to a parcel of real estate. When borrowers default on a debt, foreclosure is the process by which lien-holders collect the unpaid portion of a debt. Because liens represent an interest in real property, it is crucial that real state licensees develop an in-depth understanding of liens and lien-related issues. Such knowledge also helps licensees to better advise buyers and sellers. The first lesson presents a general overview of liens, explains the classification of liens and discusses the types of non-tax liens. We then discuss taxes and tax issues, including ad valorem taxes, real estate tax computation, special assessments, real estate transfer taxes, federal income taxes, capital gains taxes, and tax shelters for homeowners and investors. We also include a discussion about the priority of liens and the methods of foreclosure, redemption, deficiency judgments, tips for homeowners facing foreclosure, and scams related to foreclosure.