How To Stop a Tax Auction on Your Home

While owning a home is an incredibly rewarding experience that comes with a number of benefits, there are some serious problems that can occur if certain responsibilities are not managed appropriately. One such responsibility is paying property taxes on time. Homeowners that fail to do so can eventually find themselves in jeopardy of losing their properties to a tax auction/foreclosure. Read on to learn the most viable means of preventing this scenario from coming to pass.

Homeowners across the United States are required to pay annual taxes on their properties to the counties where they reside. Property taxes vary from state to state, meaning that someone in Florida could be required to pay a different amount than someone in California or Texas. No matter which state you live in, the rules regarding property taxes are quite stringent and failing to abide by them can have serious consequences for your credit score and your ability to maintain control of the property.

When someone is overdue on their property taxes, there are certain penalties that start accruing. If enough time passes without the delinquent taxes being paid in full, the home in question will be added to a forfeiture list. At the same time, interest rates on the money owed will increase, making it increasingly difficult to get all caught up. Eventually, failure to be up-to-date on property taxes will result in the house being forfeited to the treasurer of the local jurisdiction. While having the home forfeited does not mean that it is being foreclosed on yet, it does unfortunately mean that preventing foreclosure will require all taxes owed being paid in a single lump sum amount.

Keep Your Home by Paying What You Owe

While property tax delinquency is a serious matter, there are certain ways to halt the foreclosure process in its tracks. One way to do so is to remit payment for the past due tax balance. Those in the early stages of forfeiture and foreclosure could have the ability to divide the total amount owed into multiple payments over the course of the year. If the process has been going on for a while, however, it is far likelier that payment will be required in one full amount. Homeowners looking to pay off their past due property taxes should investigate any and all resources available to help them get current. It is also worth noting that there are some homeowners that may meet the requirements to have their property taxes deferred, which would grant them additional time to pay what is owed.

Sell Your Home with Swift Homes

For many homeowners, paying off the mounting property tax debt to avoid foreclosure is far easier said than done. If the tax amount proves to be insurmountable, an alternate solution would be to sell the home and use those funds to settle up and move forward. When the tax auction/foreclosure situation is handled in this matter, homeowners can help prevent their credit from being impacted to the point where getting back on track is a seemingly monumental task.

An industry leader, Swift Homes, has helped thousands of homeowners across the country get top cash value for their properties. Our time-tested process provides the simplicity, speed, and flexibility that sellers are looking for. If you’re struggling with property taxes and the prospect of a tax auction/foreclosure and would like to receive a competitive cash offer for your home, please reach out to us online or call (877) 861-2466 today.