CHAPTER 9 Programs for Delinquent Pr or Delinquent Property Tax Homeowners If the homeowner fails to pay the taxes due on the home, then taxing enforcement authorities and the IRS will seek the right to keep the homeowner’s property as a way of guarding the debt until it’s paid. They’ll place a lien on the home, ensuring the homeowner can’t place the home for sale without payment of the lien. If the payment of liens isn’t made, the taxing bodies will get a tax levy, giving them ownership of the house. There are programs a distressed homeowner can use to settle such tax liens before the negative financial implications get worse. The National Tax Lien Association has a strong belief in home ownership. The organization’s aim and objective is to assist homeowners who aren’t financially strong enough to retain the ownership of their homes through both local and national assistance programs. There are also government and government-sponsored programs to assist distressed homeowners remain in their homes. Some programs are briefly discussed below.
THE HOME AFFORDABLE MODIFICATION PROGRAM
The largest program within Making Home Affordable (MHA), an official program of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (HUD), is the Home Affordable Modification Program (HAMP). HAMP’s goal is to offer homeowners at risk of foreclosure reduced monthly 71
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