- On Jun 04, 2016
It is surprising to know that even after you finish paying off your dreaded mortgage, you are still at risk of foreclosing on your property. Depending on the state you live in and type of mortgage you had, property taxes are paid by the mortgage company as that amount is included within the mortgage payment itself. After the mortgage is fully paid off, property taxes are billed directly to the homeowner. If these taxes are not paid, the house will receive a lien & be at risk for foreclosure. You will lose your house and be left with nothing.
As most homeowners learn, through the course of their ownership of a property, liens are legal claims set forth on a property if the owner does not pay for any work that was done or bills homeowners are responsible for (i.e. child support, taxes, etc) that are not paid off. Once a lien is placed on a property, the house is at risk of foreclosure if it is not paid off as soon as possible.
The town’s Tax Collector is the person(s) responsible for assessing a home’s value, which is based on recent sales, and appropriately calculates the property’s tax amount. They then send a bill to the homeowner. When a homeowner, that owns the property (with no attached mortgage), does not pay their yearly property tax bill, a lien gets place on the property’s title. Tax Collectors then construct a list, that is now public record, of all such properties that have not submitted payment towards their property taxes. This list is called Tax title. As public record, the tax title list includes the name of the homeowner, property address, and how much taxes are owed for the year.
Deferment or Abatement
If for whatever reason, a homeowner does not pay their taxes, as you can imagine, the amount continues to accumulate. Now, depending on the town/city your house is in, will depend on the amount of taxes that are being assessed for each property. There are ways in which homeowners can decrease the amount of taxes paid or even defer the payment itself.
- An abatement is a request for a reduction in assessed tax amount of the property. If you are a Massachusetts homeowner, you would complete the abatement application and submit it to your town halls tax collector office.
- A deferment is a request to defer (put a temporary stop) to the tax payments. If you are a Massachusetts homeowner, you would complete the financial hardship application and submit it the same way as with the abatement. There is no guarantee that your application would be accepted, but it doesn’t hurt to try…
We Buy Stressful Homes
One way to avoid this stress of dealing with unpaid taxes is to consider selling your home to a real estate investment company, like us. We specialize in supporting homeowners dealing with stressful situations pertaining to their property. Owing a substantial amount in unpaid property taxes and consistently receiving notification from the town demanding payment or they will foreclose on the property can become emotionally overwhelming. What we do to support is that we will make you a reasonable non-obligatory cash offer, within 24 hours of us seeing your house. We buy houses regardless of the physical condition and stressful situation. If you owe more than 2 years of unpaid property taxes, we can certainly make you a cash offer that would pay off the unpaid taxes and leave you with some funds left over. If you accept our offer, we will also pay closing close & close quickly, less than 30 days! Plus, there are no agents fees to negotiate, as we are an investment company not a real estate agency. That simple! So, what are you waiting for? Complete a request form or call/email us now!