Notice Of Seizure
Categories: Banking, Regulations
This isn't what happened to you when you opened the letter which said, "You are being audited by the IRS."
Nope. When something is seized, it usually means that you didn't pay your bills on it (your taxes, your loans, your registration fees, etc.), so the lenders or the government are now taking it back, or seizing it. They have to legally give you notice that it's them, so that you don't think some gang just came by and took it. And then it's gone.
If you want it back, you'll have to pay all the back fees and loans on it, plus fines and penalties. And even if you don't want it back, the lenders can come after you for more fees if, after their own time and hassle and expenses, they don't get back all of their original interest and principal.
So, uh, think hard before you buy that boat.