Are you looking for how to stop property tax foreclosure? Luckily, this article has everything you need to know about how to avoid losing your home. We will walk through how stopping a property tax foreclosure works, the different ways that homeowners can prevent foreclosure from happening, and how to deal with it if it does happen. This is an issue that affects many people each year. If you’re not sure how to proceed with your situation, then look no further! I hope this information helps answer any questions or concerns that may have arisen during your search for how to stop property tax foreclosures.
How to Stop Property Tax Foreclosure by Paying your Owed Taxes pending?
Property Tax Foreclosure is a very serious thing. The property owner may lose their home to foreclosure if they do not pay the tax owed by December 31st of that year. And no payment plan has been established or agreed upon with your county office. You will receive a letter from your County Office telling you how much money you owe in back taxes for this year with an offer of a Payment Plan Agreement – which needs to be returned within 20 days after receiving it.
Suppose nothing happens, then on January 16th (the day after Martin Luther King Jr Day). In that case, there is usually some public notice published in the newspaper / posted on bulletin boards at local Post Offices about the impending Property Foreclosure Sale. This means that the home goes up for Auction to cover all of your back taxes, interest, and penalties. If no one is interested in bidding on it (which usually happens), you will get a notice telling you that they will put it out for bid again – but this time online through PropertyRoom.com or GovDeals.com, which means anyone can place bids on it.
Stop property tax foreclosure by selling a home.
One of the most common ways to get rid of tax foreclosure is by selling your home. This solution entails a lot of work, but if you are in dire need and have absolutely no other way out, this option might be perfect for you.
However, before we delve into details about how to stop property tax foreclosure through real estate sales, let us first take a look at what it means when someone says that their house has been foreclosed upon: Foreclosure happens when the bank takes over somebody’s mortgaged property because they were not able or did not want to pay back their loan anymore. Once this process gets initiated, it can quickly escalate towards complete loss on the homeowner who will either become homeless or be forced to sell their property for a far lower price than what it is worth.
How to get rid of Property Tax Foreclosure?
Foreclosure is financially difficult for many New Yorkers, especially during the coronavirus pandemic. The moratorium on foreclosure proceedings was put in place to help alleviate some of this financial strain and will be extended until September 2020. However, after that time ends, you can still stop or delay a property tax foreclosure through one of these three options: payment plans, buyback programs, bankruptcy filing (if eligible).
Establishing a payment plan with the county
Contact your tax assessor today to see if you can get on a repayment plan, which allows for an easier and faster way of paying off the taxes due.
Establishing a payment plan with the county will allow property owners who have means or access to funds to pay their taxes in one year or less instead of continuing foreclosure proceedings. Of course, if they’ve already initiated these procedures, it may not be possible but keep contact information handy just in case!
What Happens If You Don’t Pay Your Property Taxes?
In American society, several profound implications can occur because you do not pay your property taxes. First, if the authorities believe that they will never receive payment from you, then they may take action to seize and sell off any real estate or other valuable assets that you own until the debt has been settled in full.