Don’t Lose Your House to Tax Default

Property taxes - tax default concept

Many homeowners struggle to keep up with all the expenses of homeownership. Even if you are making your monthly mortgage payments on time, there are other costs to worry about. Sometimes, it can be difficult to stay on top of things like property tax payments or homeowners insurance. Whether you pay your property taxes annually, quarterly or monthly, you do not want to fall too far behind.

Avoiding Tax Default

You could end up facing a tax default from your city, county or state. This can be just as bad as a mortgage foreclosure if you neglect your property taxes. Eventually, they will have the right to seize your property and resell it to cover what you owe.

If you want to avoid a tax default and property seizure, the first recommendation is to make your payments. The good news is that property taxes are nowhere near as expensive as mortgage payments. You just need to make room in your budget and pay attention to the payment schedule to avoid being late.

Find a Feasible Solution

If you are falling behind and/or have gotten any warning notices from the local government or sheriff department, then your next step should be to contact them. The tax collector will generally have some leniency on back payments and you may be able to work out a repayment plan if you are proactive about dealing with property taxes you still owe. They try to avoid seizing properties as much as possible because it is a complex legal process and they aren’t really making any money on it. Reach out to them and maybe you can work out a solution. The same recommendation is true if you are facing a foreclosure. Contact your lender and see what can be done before it’s too late.

Sell Your House Fast

So, what happens if you are way too far behind and unable to work out any other sort of financial solution? Another option to consider is selling your house. As long as the tax default property seizure isn’t underway, you may be able to sell your house now and then pay off what you owe in taxes and/or mortgage payments. You might be able to break even, come out ahead, or at the very least, minimize your debts and get out from under the financial burden of your property.

You may not have the time or budget to hire a Realtor®, list your home on the open market and go through a traditional home selling process. The quickest and easiest way to sell your home is to a cash real estate investor. PropertyLark and the home buyers in our network have cash in hand and are ready to make an offer on a house like yours. If it meets our criteria, we will buy it in as-is condition with an all-cash transaction. This allows the closing to happen within a couple weeks if you need to move out quickly. Or, you can let us know your desired move-out date and we’ll structure the closing period accordingly.

The point is you shouldn’t wait until it’s too late. Don’t ignore the problem and wait for the tax collector or bank to come take your house. A fast cash home sale may be the right solution to avoid tax default or foreclosure. Contact PropertyLark today to learn more. To get started, please fill out the contact form on the right. Let us know a little about you and your house and we will get back to you within 24 hours with a fair cash offer.