Kiritsis & Associates
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.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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