Tips To Avoid Foreclosures in Tax Liens

By dhinternational  /  June 14, 2011 / Comments Off on Tips To Avoid Foreclosures in Tax Liens
Avoid Foreclosures in Tax Liens

Avoid Foreclosures in Tax Liens

In order to secure interest in your property, the property tax collector uses a tax lien so as to assure payment for the taxes which will limit your chances in obtaining and selling mortgages while you still owe taxes. By definition, a tax lien is the claim against the property so the property owner can ensure payment of his owed property taxes. The county or the state or the local government has the right to foreclose the tax lien and then sell the property following the legal procedures that is required by the law.

The following are some effective tips to avoid foreclosures in tax liens:

1.)    Setting a repayment plan with the tax agency. You will have to fill out important papers such as the tax agency’s repayment plan forms. With these forms, you will have to include attachments such as pay stubs, proof of income, and significant statements that will show your debts and assets that may be asked by the tax collector. You can have down payments on your debt that is required to set up your repayment plan. Get ready to answer questions on your finances by the tax collector.

2.)    To pay off your tax debts, get a loan. Search for a lender that has the best loan program that will fit specifically for delinquent property taxes payments.  Have your financial documents ready as well.

3.)    File for bankruptcy. With this, you will be entitled to a stay or a stop of actions by the creditors. The tax agency will then be informed by the court of the stay.

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