How To Stop Property Tax Foreclosure
Taxes present a significant burden on families, especially with inflation and rising costs across the Country. That burden can become overwhelming when you’ve fallen behind and face a real possibility of property tax foreclosure. Thankfully, there are a multitude of ways to stop property tax foreclosure and keep your home with your family, where it belongs. Read on for a guide on how to avoid foreclosure and manage your delinquent taxes.
Understanding Property Tax Foreclosure
Taxes are due each year and when timely payment isn’t received, you incur penalties. The Texas deadline for property taxes is January 31st.
What happens if you miss the deadline?
Missing the original deadline incurs a penalty of 7% and you accrue additional fees and penalties each month that your taxes go unpaid. The longer you wait to pay your delinquent taxes, the more serious the problem becomes.
When do I face foreclosure?
The timeline for when foreclosure can begin is a bit murky in Texas. While there is no definitive timeline, counties cannot file suit until July 1st after the previous year of delinquency. However, this doesn’t mean they will file. Because there is no definitive timeline it is imperative you pay your property taxes as soon as you are able.
Early Signs and Preventative Measures
Financial issues typically exist long before we become delinquent. If we identify the issue early, there are preventative measures we can take to ensure delinquency is less likely.
- Acknowledge Financial Issues: The first sign you’re facing possible foreclosure is a tax lien on your property.
- Budget and Prioritize: Analyze your existing debt and payment requirements. Attempt to prioritize your tax bill, even if it can’t be paid all at once.
- Ask For Help: Before you face foreclosure, reach out to a financial advisor to seek additional assistance.
Stopping Property Tax Foreclosure in Texas
If you are delinquent on your taxes, solutions are available to avoid foreclosure. Payment plans are typically offered to all homeowners. When a payment plan isn’t possible, a property tax loan might provide permanent relief.
Consider a payment plan
Many counties offer payment plans for a set amount of time to avoid accruing taxes and penalties. Reach out to your local office to discuss your options.
Apply for a property tax loan
Property tax loans, like the ones offered through Johnson & Starr, offer competitive interest rates and flexible terms. By applying for a loan you can pay your taxes off all at once without accruing additional penalties or fearing foreclosure.
Obtaining a Loan Through Johnson & Starr
If you are facing foreclosure from delinquent property taxes, a loan from Johnson and Starr can save your home. Our loans are flexible, offer competitive rates, and fit the needs of your situation. Here’s how it works:
Fill out our application: If you wish to complete the application over the phone, call us at 1-800-203-9157.
Connect with our loan officers: Our loan officers will collect any additional information needed for your application.
Receive your offer: Your approval comes with a customized repayment plan tailored to your unique financial situation.
We pay your taxes: We pay your delinquent property taxes, stopping your property tax foreclosure and saving your home.
You Can Stop Property Tax Foreclosure
If you are facing foreclosure or have a tax lien on your property, there are solutions to avoid losing your home. Call Johnson & Starr and get your property tax loan application started today.