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Hello, fellow homeowners! I'm Kerry Woods, founder of Maryland House Pros, LLC. We specialize in providing solutions for homeowners facing tax foreclosures and other situations. If you find yourself in a challenging financial situation and are considering your options, we're here to help. In this blog post, we'll explore the intricacies of tax foreclosure in Maryland and how our services can provide relief.
Understanding Tax Foreclosure vs. Mortgage Foreclosure
Tax foreclosure operates differently from mortgage foreclosure, although both involve accrued arrears. In a mortgage foreclosure, the property itself is sold, and the homeowner loses ownership. However, in tax foreclosure, it's the tax lien that's sold, giving the purchaser the right to request fee simple title to the property.
The Foreclosure Sale Process
The Collector follows a structured notification process, including sending notices to homeowners before the sale. Exceptions exist for certain properties based on value or homeowner status. The sale itself is a public auction, with bidding open to all interested parties. After the sale, the purchaser receives a Certificate of Sale (COS), which expires if no further action is taken.
Redeeming the Property
Homeowners have the right to redeem the property after a tax sale by paying all outstanding arrears. This redemption period is critical for homeowners seeking to retain ownership. However, if redemption doesn't occur within the specified timeframe, the purchaser can initiate a foreclosure action.
How Maryland House Pros, LLC Can Help
If you're facing a tax foreclosure and don't plan on redeeming your property, Maryland House Pros, LLC, offers a solution. We specialize in purchasing homes facing tax foreclosures, providing homeowners with a way out of their financial distress. Our streamlined process ensures a hassle-free experience, allowing you to move forward with peace of mind.
Conclusion: Taking Control of Your Financial Future
Facing a tax foreclosure can be overwhelming, but you're not alone. Maryland House Pros, LLC, is here to support you every step of the way. Whether you choose to redeem your property or sell to us, we're committed to finding the best solution for your unique situation. Don't let financial hardship dictate your future—take control with Maryland House Pros, LLC.
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