Foreclosure is a lawful procedure in which a lender seeks to reclaim the remaining amount of a loan from a borrower who has ceased making payments. The lender often does this by compelling the sale of the asset (typically a residence) that was utilized as security for the loan. The foreclosure procedure commences when the borrower defaults on mortgage payments for an extended duration. The threshold...
A tax-deferred transaction that is permitted by Section 1031 of the United States Internal Revenue Code is referred to as a 1031 exchange, which is also known as a like-kind exchange. If investors reinvest the profits from the sale of certain types of investment or commercial assets into another "like-kind" property, they are able to postpone the payment of capital gains taxes that would otherwise be due...