When dealing with a delicate financial situation, owners should consider very carefully their options before deciding on contracting for another loan and further increasing their debt.
APPLY FOR A PROPERTY TAX DEFERRAL
One option up for consideration is applying for a property tax deferral in the attempt to reduce the delinquent owed taxes and stop the foreclosure process on your property. However, this program has multiple eligibility criteria with which an owner must comply: • age; this deferral is aimed at senior citizen owners • income; the programs are aimed at people with low • incomes • residency; the house must have been your primary residence for a certain number of years (states vary) • equity; you must either own your house entirely or hold considerable equity. For example, in Oregon, disabled or senior citizens can “borrow” from the state to pay their current and future (but not delinquent) property taxes to the county. Qualifying homeowners have their county property taxes paid by the Oregon Department of Revenue (DOR) on November 15 every year. In return, a lien is placed on the property and DOR becomes a security interest holder. Upon disqualification or cancellation from the program, the amount of property taxes paid must be repaid, plus 6% interest annually and the cost of recording and releasing the lien.
Homeowners are eligible if they:
• are 62 years old or a disabled citizen receiving Social 33
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