government tax foreclosures, bank foreclosuresMany of the homes that are being foreclosed get there not because the mortgage payment was not made, but because taxes weren’t paid. These are considered government tax foreclosures. Many homeowners are not aware that their home may become another one of the government tax foreclosures since most of us believe that the most important payment is the mortgage. However, if people do not make their semiannual tax payments, the IRS can put a lien on the home and if payments are not received within a specific amount of time the home will become part of the government tax foreclosures listings. If you find that making both payments might become troublesome, make sure to contact your lender’s loss mitigation department. They work with homeowners to prevent their homes from going into bank foreclosures. They will not work directly with the IRS, but they can do some adjustments to your current mortgage which may open up funds that can then be used to pay those taxes. Many of the government tax foreclosures were a big surprise for homeowners. Do not be caught off guard by the IRS, make sure your taxes are up to date and if you need help try and get foreclosure assistance from your lender.