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What is a foreclosure? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

There are 3 types of foreclosures: judicial, non-judicial, and strict. A judicial foreclosure involves the sale of the mortgaged property under the court’s supervision. A non-judicial foreclosure (often called a foreclosure by power of sale) is permitted by some jurisdictions, if a power of sale clause is included in the mortgage or in a deed of trust. A strict foreclosure (the original method of foreclosure) is permitted in only a few states and available only when the property is less than the debt. Frequently, a foreclosure may produce serious tax ramifications on both the debtor’s and creditor’s side. A debtor may have to pay tax on value of the debt that may be forgiven and/or written off. A foreclosure may require a creditor to alter the computation of the assets and/or liabilities it has recorded on its books, which in turn may influence the creditors tax compliance.

 

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