| An IRS audit will cover all sorts of interesting things; but | | | | bank accounts, investment portfolios, and vehicles to |
| the actual, as opposed to the declared, amount of a | | | | residences. Government foreclosures leave no stone |
| filer's income is the one with which the IRS is most | | | | unturned in finding the assets to payoff your |
| concerned. When an audit shows that someone | | | | government debt. |
| earned far more income than he or she has declared, | | | | Government Foreclosures: The Auctions |
| there will be both back taxes and interest fees to pay. | | | | In order to get it money, the government will |
| If you find yourself on the paying end of these taxes, | | | | sometimes hold auctions at which it sells the items |
| and you don't have the money to cover them, the | | | | seized in government foreclosures. Luxury cars, |
| government may come after your other assets, | | | | yachts, planes, entertainment equipment, jewelry, and |
| including your home. Your home could be put into | | | | even homes will go to the parties who place the |
| government foreclosure. | | | | highest bids, and often at prices greatly discounted to |
| Whenever someone owes more money to the | | | | their real value. |
| Federal government than they can pay, the | | | | The information on government foreclosures auctions I |
| government attaches all their assets, monetary and | | | | posted in local newspapers; it is also available from the |
| physical. Cars, boats, homes, jewelry, or artwork--any | | | | nearest government agency. A phone call will provide |
| luxury items which will generate good prices--are | | | | you with everything you need to know about the |
| seized and sold. | | | | location and time of the next auction; the government |
| Those who only owe the government a few hundreds | | | | is more than willing to help people participate in the |
| or thousands of dollars, however, are not going to | | | | auctions so that the debts will be at least partially paid. |
| have their homes seized as government foreclosures. | | | | Government foreclosures are a last-ditch effort for |
| They are more likely to have a payment plan offered | | | | the government to recover what it is owed, and |
| to them. But for those whose government debt | | | | usually lead to someone's life being devastated. But |
| measures in the hundreds of thousands, or millions, of | | | | they are a last resort; the government will try hard to |
| dollars, government foreclosures are almost | | | | find other way for debtors to pay back what they |
| guaranteed. | | | | owe before turning to foreclosure. |
| Government foreclosures are not to be taken lightly, | | | | The lesson? File an honest tax return, pay what you |
| and will be a part of your permanent financial history. | | | | owe when it is due, and never give government |
| They can even cost you everything you have, from | | | | foreclosures a second thought. |