What Happens When Real Estate Taxes Remain Unpaid


Failure to pay property taxes, when due can lead the serious consequences. Its interest property liens even lead to foreclosure. Most lenders require monthly mortgage payments to include an escrow for 1/12 of the annual property taxes.

Read Also: What Is a Reverse Mortgage?

If your taxes aren’t a part of your monthly payment, make sure you’re setting
aside enough to cover the annual taxes. When do generally, if you fail to pay
your property taxes for an entire year. The municipality will forward your account to the County Treasurer for the collection of the treasure which at some point can take legal action by placing a lien against the property a tax lien impedes. Your ability to refinance your current mortgage to seek a second mortgage or to secure a home equity loan a tax lien supersedes any existing mortgage against the property.

So the treasure will more than likely inform the lender of the lien and the lender, in turn, may take action against the homeowner.

Watch the video below:

Subscribe to our YouTube Channel for more Real Estate Free Reports

One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:

Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*

To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!

*Agardi Team and the seller have to agree on the price and the closing date.

Call Us @ 718-755-2882
%d bloggers like this: