You have fallen behind on your property tax payments. There could be a lot of reasons for it, including encountering financial difficulties. You do have to do something about this, though.
Burying your head in the sand and ignoring everything is not an option. If you do that, then the interest and the penalties will keep accruing. The government could even wind up stepping in and foreclosing if a certain amount of time has passed without payment.
This means that you need to get money. Could you get a loan for delinquent property taxes? Yes, but you need to know a few things first before you start.
Do Your Homework About Lenders
There are a lot of lenders out there. The vast majority of them want to work with you to help you get out of your situation. You also need to make sure that they are licensed to lend in the state that you live in.
Also, check their rating on sites like BBB to see what other people are saying about them. If you feel like they are trustworthy, then you can move forward.
The Lender Can Foreclose On Your Home
Should you fall behind on your payment to the property tax lender, you fall into the same kind of jeopardy that you faced with the government. You need to be in constant communication with the lender so that you can see if you can work out a solution with them.
Look into all the options in your state. In some states, if you are over 65, you can actually defer your taxes until you leave that property. The same happens for those who are disabled.
The only thing with doing the above is that you will have 8% interest, but there won’t be any other penalties. Talk to your tax professional to see what works for you.
If you are worried about paying back the lender, especially since they tend to have higher fees, then you could contact your local government about setting up a payment schedule with them. In either case, you need to let either party know what is going on.
Ultimately, you can use the money to pay your delinquent property taxes or to keep your place from going into foreclosure. Then it’s time to ensure that you can stick to the schedule to pay back the lender. You will be able to rest easier when you do all of that.