Another government agency that usually has frequent seized vehicle auctions is the Internal Revenue Service (IRS), which often seizes vehicles as a method to collect for nonpayment of taxes.
In some cases, rather than gain control over the property, the investor may be buying the lien to earn the interest that is accrued by the nonpayment of the tax.
Some families with independent incomes turn to lawyers or private collection agencies to find offenders and bring them to court for nonpayment.
Lenders use the LTV information to learn if potential losses can be recouped by selling the mortgaged home in the event of nonpayment.
There are a number of organizations that either repossess vehicles for nonpayment or seize vehicles for legal reasons.
Other reasons homes get foreclosed on include IRS tax seizures, property abandonment, and real estate tax nonpayment.
The biggest potential disadvantage to this type of loan is that nonpayment of the loan can result in foreclosure.
This means that there will be a flag in their record for nonpayment, which will make their credit score go down.
The government uses a tax lien to secure property in lieu of late or nonpayment of property taxes.
A lease under the Settled Land Act 1882 must be by deed and must be made to take effect in possession not later than 12 months after its date; the best rent that can reasonably be obtained must be reserved and the lease must contain a covenant by the lessee for payment of the rent, and a condition of re-entry on nonpayment within a specified time not exceeding 30 days.