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There’s common knowledge that is owning a home can be stressful and at times overwhelming. Now imagine you are looking into selling a house with a tax lien attached to avoid tax foreclosure. That is the circumstances some individuals are facing every day in America. Especially since the pandemic, we have seen an enormous spike in foreclosure occurring. As of July 2020, there were 8,892 foreclosures seen to take place in one month. That is a terrifying amount of people who were on the verge of losing their homes. It is a consistent cycle we see all across America every single month. Sadly, hundreds of homeowners receive that horrific letter in the mail warning of a potential foreclosure every day. Numerous reasons could cause a property owner to get this far behind with their mortgage. There are also tons of resources one could turn to in a difficult time like this. Let us find out more about the events in this process to understand the best method further to assist you! (Selling a House With a Tax Lien | Avoid Tax Foreclosure | Selling Your Home)
What May Cause Tax Foreclosure?
If this is a new concept to you, then many thoughts may cross your mind, especially wondering how a situation like this could occur. No one knows what life may have in store for them & any obstacle may arise. It could be the loss of a new job or even a long time. For example, you have been working the same company for ten or twenty years, and one day, the company you work for decides to start downsizing or completely shut down. This could leave you without employment after years of job security working with the same company. You haven’t been job searching for a while, forcing you to spiral out of control financially. Let’s say you get the job of your dreams, and you buy a house and other amenities to go with this fancy new lifestyle. You lose this job making it difficult to keep up with your previous lifestyle and expenses. There are over 10 million people in America without a job. You can imagine that at least one-tenth of those people are homeowners. You may see situations where a mother or father passes away; they leave their children a house, and the taxes on the home are more than what their children may manage to pay. This can cause a home to face tax foreclosure. With the house prices rising across America every month, so do the tax assessments of these properties. Consider our elderly or even homeowners who are on a fixed income trying to keep up with this ever-so-fast-growing market spike we are witnessing. No matter the situation, there will always be someone facing foreclosure on their home.
What is Tax Foreclosure?
Tax foreclosure is when one fails to pay the taxes on their home for an extended period causing the municipality to force a sale on your home for the amount owed. Two things go along with this process. First, they may begin to put a lien against the subject’s home, which differs from levying the property. Levying the property is when they take your home by force. Once a lien is sent to the property owner, it is considered a warning that they want what is owed in the tax amount. Tax liens get attached to the subject property, not the owner. If you get yourself into this situation, you may be facing a potential foreclosure on your home. There isn’t only property tax that can cause foreclosure on a home. You can be subject to state taxes, federal income tax, and even inheritance tax. If any one of these does not get paid, you can be at threat of a potential lien being placed on the property. If you happen to be foreclosed on, this will affect many different things. One, you may be subject to losing more than just your house but other assets you own as well. Two, you will take a significant hit to your credit. Third, you could face bankruptcy, forcing you to forfeit everything you own prior to selling property.
How to Avoid Tax Foreclosure?
You may be thinking, how can I avoid tax foreclosure? You can do different things to prevent this from happening to you. Most municipalities will work with you to get on a payment plan to help work down the debt a little at a time. This is always a perfect solution if you do not owe too much or have the capital to keep up with the payments. There is always another option; you can consider selling your home. This is an easier and faster way for you to make it out of a potential foreclosure. Many cash home buyers offer you a quick closing on your home in today’s market. If you decide “I want to sell my house for cash,” understand your property’s value, figure out how much you need to sell your home to make some profit. Discussing the amount you own with one of these companies can benefit the final sales price. People often end up being behind on the expenses more than the home is worth. Once you get to this stage, it becomes almost impossible to find someone who will purchase your home. Do not let yourself get to that stage, and research local area home buyers start the process of selling your home today before it’s too late!
Selling Your Home To Buying Property 215!
In conclusion, if you find yourself facing a tax foreclosure or you may be interested in selling your home fast. Buying Property 215 has been handling every aspect of real estate for over five years. There is no situation they have not seen & no better way to avoid tax foreclosure. They understand what it is like when one faces hard times. Helping homeowners across Philadelphia get out of bad situations has succeeded over the past few years. They take the time with each homeowner and genuinely understand what the best solution may be when it becomes time to sell that home. They make it easy to contact them. Please fill out your address, phone number, and email; let them make an offer today! Where selling your home is made easy!