I ve had the house for a year now. I dont have enough paid off to apply for an equity loan. I am going through a divorce which has been the main reason why i havent been able to pay the escrow on the property each month in addition to the loans.
2007-10-02 06:47:37 · 10 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Call the taxing authority--often you can work out a payment schedule.
Search for all possible sources of income so you can pay your mortgage/taxes. For example: get a 2nd job, do you have any life insurance policies or pension/IRA funds you can borrow from? You might want to consider cashing out life insurance policies (don't cash our retirement funds unless you absolutely have to because of potential taxes/penalties). Any old savings bonds laying around? Check your state's unclaimed property database to see if there's any money owed to you. If you filed your federal tax return separately from your spouse last year can you get your spouse to agree to amend jointly (usually results in a refund). Take in a roommate to cut expenses. Take a personal loan. Charge your taxes to a credit card so you can pay less per month. If you create more debt to pay the current debt and have no long term plan, sell the house.
Hope something's helpful.
2007-10-02 08:20:24 · answer #1 · answered by Dee 4 · 1⤊ 0⤋
Please clarify, your lender is the one foreclosing on you or the county? You see if you have an escrow account with a lender and you haven't been paying for your taxes, the lender will do it for you. But they will also take your house back because you have not been able to maintain it.
The best bet is talking to your lender and arranging a repayment plan. This is usually done through the loss and mitigation department.
Now if the foreclosure is being done by the county, this is a bit tough since they don't exactly have a loss and mitigation department. Furthermore, it has been at least 2-3 years since you actually paid for the taxes. That's the usual redemption period.
To guide yourself out of this, contact a lawyer in your area. Also familiarize yourself with the foreclosure process especially with tax deed auctions. The best book I have read on the topic is the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682] by Don Sausa. Read it and make sure you understand the process so you know how to get out of the hole you are in.
Good luck!
2007-10-02 17:22:23 · answer #2 · answered by staceyreyes01 2 · 0⤊ 0⤋
the unpaid property taxes are not usually the reason for foreclosure. The County can take the property back for unpaid taxes, ususally after 3 years, and put it up for tax sale.
If the problem is not making the mortgage payments, some lenders will temporarily reduce the amount of payment as long as you are earnest about keeping those reduced payments.
2007-10-02 06:55:48 · answer #3 · answered by DeeDee 6 · 0⤊ 0⤋
All situations are unique. Property owner is responsible for taxes, regardless of who they are. Before making an offer, ask if there are any liens. Unpaid taxes will show up when you do a title search. You can demand the bank pay them or they can demand that the buyer pay them.
2016-05-19 14:45:16 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Find where you are tax liable and why! The law states that no citizen can lose property and possesions because of tax issues! If this country is still the land of the free, the govt should not be able to take anything. Why are we not asking the right questions! The persuit of happiness and to own property is our right not a priviledge. If you are paying property taxes, first be sure that you ARE liable.
2007-10-02 09:05:05 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Start Packing
2007-10-02 06:55:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
CALL THE BANK, call the creditors involved, anything...when you are quiet and don't talk to them they take it that you do not intend to pay and they begin legal action! Don't let it get that far. If you talk to them they may be able to work out something with you, if you default on a payment without telling them, they will immediately send it to collections. Talk to them, they understand financial difficulty but they don't understand irresponsibility.
2007-10-02 06:53:20 · answer #7 · answered by The Y!ABut 6 · 1⤊ 1⤋
Sorry, you have to pay the taxes or you will lose your house. Plus you will probably have penalties to pay as well.
2007-10-03 03:32:15 · answer #8 · answered by Gary 5 · 0⤊ 0⤋
Pay up. Only way.
2007-10-02 06:52:15 · answer #9 · answered by Bostonian In MO 7 · 0⤊ 0⤋
either get desperate and call people and make up a sob story or get packing.
2007-10-02 06:56:32 · answer #10 · answered by meantfortheflies22 2 · 0⤊ 0⤋