CHAPTER 5 Dealing with Property Tax Delinquency
If you’re delinquent on your property tax payments for more than a year, the standard penalties will be supplemented by an administrative fee in case you want to start making payments as part of a plan to pay off a debt, as well as a redemption fee. If the property taxes haven’t been paid for three years, the county likely will move to foreclose on your property to get the delinquent taxes. Property tax foreclosure is announced by a notice, which will be sent via mail, posted on the door, or delivered personally. The notice will clarify if your property is “subject to foreclosure,” “in foreclosure,” or is marked as to be “sold at auction” anytime soon. Earlier, it was recommended to speak with a tax collector or financial advisor to determine the steps available to resolve your debt. We will briefly explore some of those steps now. Professional assistance is encouraged—even necessary.
CONTRACT FOR A HI R A HIGH-INTEREST LOAN FROM A PRIVATE LENDER
Contracting a high-interest loan from a private lender is one of the options that can get a house owner out of the tax delinquency situation and stop the property foreclosure process. In many locales, these loans are one of the main reasons that many families can hold on to their homes. The private lender who 29
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