When you buy property, you arent just buying a building and the ground it is on. You are also purchasing a great big mortgage, which will seem to grow a life of its own. Mortgages are strange financial bodies made up of the principal, interest rates, taxes and fees. Paying off one body part of the mortgage doesnt necessarily mean you have paid off the other parts. Your home or business property can be seized because of lack of paying the taxes on the mortgage or the annual property tax. The government is the seizer in this case and any property seized is called a tax foreclosure.

Now Thats Clear As Mud

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