It happens to more people than you think, and often through no fault of their own. An unexpected financial crisis, job loss, divorce, or serious medical issues are some of the most common reasons we’ve seen.
As soon as a homeowner falls behind on property taxes, the local taxing authority will begin adding interest and penalties to the account, so unfortunately the balance will continue to increase.
Not being able to pay your property taxes is scary, because you could lose your home. We all need a roof over our heads, so here are some things you can do…
Set Up A Payment Plan – Some taxing authorities will work with you and allow back taxes to be paid in installments, but you will have to prove your financial hardship and interest may accrue.
Apply For A Loan – Some banks, and property tax lenders will loan money to pay back taxes. The latter specializes in this type of lending but be aware they charge very high interest rates.
Request An Abatement – You may be able to request an abatement due to economic hardship. You will have to provide proof that there is only enough income to meet your basic living expenses. An abatement forgives the debt without a repayment required, so if you can get approved it’s a really good option. But if there is enough equity in the property to satisfy the tax debt, you may be denied, requiring the sale of the home.
If none of the above have worked for you, give us a call at Blue Anchor Properties. We’ll make you a fair cash offer and can close quickly to help get all this cleared up. (201) 713-5312