Owning a home has extensive benefits but can also be a curse
Owning property comes with great responsibility; it takes a lot to maintain the home’s appearance, but most importantly, it takes financial accountability. Reoccurring costs are associated with owning a house, such as monthly mortgage payments, utility bills, homeowners insurance, and annual property tax. The amount of property tax varies drastically depending on the area, but overall, homeowners are responsible for property tax on a state and federal level. Failure to pay the tax liabilities can result in losing the home; if you’re a homeowner experiencing difficult times and have fallen behind on your tax payments, it’s crucial to learn how to stop property tax foreclosure.
There are two different forms of tax foreclosures, tax lien sale homes and tax deed sale homes; both are due to unpaid property taxes but differ in how the properties can be sold. The tax sale can be sold through auction, or the lender will handle the foreclosure, receiving the remaining balance of the taxes owed.
Many things can lead to a homeowner facing tax foreclosure, no one knows what to predicate in the future, and the best we can do is prepare for the worst. Owning a home is only for some people; ensure you can afford every aspect of owning property before the purchase. Losing a house can have long-term consequences, such as directly affecting their credit score or having liens against the individual, preventing them from receiving another mortgage or any other form of private equity loan.
Individuals lose their homes for many reasons, the most common being financial burdens such as losing employment. Recently the world was faced with covid; the virus led to massive employment layoffs, which presented hard times for most families. Unfortunately, there is no such thing as job security, we live life on its terms, and any unexpected event can lead to this result. Another common situation involving homeowners and foreclosure is when an individual dies and leaves the property with extensive debt to a loved one; the family member has their back against the wall and will be forced to sell the house before losing it to the foreclosure process.
The steps of foreclosure can occur very quickly; after one missed payment, the lender or city will make contact to demand payment, followed by a letter mentioning possible litigations against the homeowner, including losing the house. Next, the foreclosure process begins, either in judicial or nonjudicial circumstances. Judicial refers to the lender/township proving to the court that they can foreclose on the house. Nonjudicial can occur outside of court because your state law and mortgage agreement allow it. Finally, the homeowner will receive documents stating the notice of sale, which is the step right before losing ownership. Again, the time frame is short, and without payment or sale, foreclosure will follow.
If you are facing potential foreclosure, there is no need to panic. There are multiple ways to stop property tax foreclosure; these factors are determined by the area where you reside, the terms of the taxes, and the amount owed. A fundamental way to handle foreclosure is to examine your financial situation and attempt to fix the issues. Options for improving your finances include but are not limited to getting second employment, selling some of your assets, or renting a portion of your property.
The most apparent release from the situation would be to sell your home. If you are still looking for your financial situation to improve, selling the home is best. If you are facing foreclosure, you will need a quick house sale. I would recommend contacting a cash buyer who can close within a few weeks. A real estate company such as Buying Property 215 may offer the most success; with years of knowledge and experience, they can quickly assist you. When you sell directly to an investor, the seller avoids renovating or repairing. There are no inspections, showings, or financial contingencies. Receive the most money for your burdensome home. A family-owned company passionate about helping homeowners with a complicated process; if you are experiencing pre-foreclosure, don’t panic; pick up your cell phone or laptop and search “Buying Property 215” into your Google search bar.