Many homeowners struggle to pay up on their mortgage and while they are enjoying the relief that comes with owning their homes fully, the found out their home is in danger due to not paying property tax. When homeowners refuse to pay their property tax, their home can be foreclosed and the money used to clear this debt. Due to the fact that property tax can be easily put to the side and also because you won’t lose your home if you did not pay for 6 months, homeowners take it for granted. Most homeowners keep piling up their property tax till it gets so high it scares them to pay it off and ultimately leading to tax foreclosure. Homeowners should be aware that additional interest and extra charges will be paid for missed payment and that it’s better to pay little by little than when you are under pressure.
How long before my home is seized?
It usually takes about three years after you stop paying your property tax before legal action will be taken against you. During the time when the homeowner stops paying, a notice of delinquent will be sent continuously to keep you up-to-date on your account. However, if you continue to default on your payment, after three years notice of foreclosure will be sent to you.
Depending on your state laws, your home won’t be seized immediately as the process usually takes time. Therefore you can use that time to pay up your debt probably year by year or as your state law permits. Paying up your property tax can help you stop tax foreclosure and ultimately save your home.
If you can’t get a way to pay up on your property tax, you can sell your home to pay up and it’s a better option than having your home seized from you.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.