Impact Of Unpaid Real Estate Taxes

 White wood in the shape of a house with a property tax letter on a circular wooden shape above it

Failure to pay property taxes can lead to serious consequences. Finds, interest, property liens, are even foreclosure. Most lenders, require monthly mortgage payments to include an escrow for 1/12 of the annual property taxes. If your taxes aren’t a part of your monthly payment, make sure you’re setting aside enough to cover the annual taxes when they’re due.

Read Also: What Does A Home Inspector 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 collection. The treasure 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.

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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
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