We are professionals that will provide great service to help you and your family stay in your home. So that way you do not have to worry about lenders calling your all time of the day with collection calls. There are several loan modification options out there that might be just right for you. Our job is to work tirelessly with your mortgage company behind the scenes to try to get your loan the way you want it to be. We will work to lower payments, bring your current without making any payments right now, extend your due date, lower mortgage principal, help to get your another minor loan to bring you current without running your credit, re-set mortgages that are fixing to adjust, pay your property taxes. That way you can concentrate on making your new lowered payment without all the other stresses associated with our current mortgage climate. Please do not for one second hesitate to contact us, before it's too late.
A tax certificate, when purchased, becomes an enforceable 1st lien against the real estate. The holder of the certificate is actually paying the taxes for a property owner in exchange for a competitive bid rate of return on his/her investment. For the lien to be removed, the property owner must pay the Tax Collector all delinquent taxes, accrued interest, penalties, and advertising fees. The Tax Collector then notifies the certificate holder of any certificates redeemed and a refund check is then issued to the certificate holder and the lien is released.
A tax certificate is valid for 7 years form the date of issuance. The certificate holder may begin tax deed proceedings against the property on April 1st, 2 yrs from the year the certificate was issued. If the property owner fails to redeem the tax deed application, the property is sold at public tax deed auction.
Exampe of Delinquent Property Taxes in California
In California, property taxes can remain unpaid for a maximum of five years following tax delinquency before any tax sale proceedings begin. Homeowners are eligible to pay prior year delinquent taxes over a five year period. So many lender will not loose properties in California due to delinquent taxes.
In addition, most of the homeowners in California are on an installment plan. This plan allows homeowners to pay the current year taxes and the installment plan payment before the economic loss date to avoid their payment plan.
Properties cannot be sold at a public auction or acquired by a public agency as long as the homeowner does not default on the installment plan.
There are many tax purchasing companies out there that operate similarly to Property Tax Finance Companies, because they pay the homeowners delinquent taxes and allow the homeowner to repay them back. There are all over the country and there are great benefits in helping out the homeowner. Most importantly, there usually create another lien against the property; So if the homeowner does not pay back the property tax loan, then they can eventually foreclose to reclaim any losses.
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Example of Florida Property Tax Progression:
Real estate taxes become delinquent on April 1st each year, with a 3% penalty and advertising fees added to the taxes. In the month of May, the delinquent taxes are advertised, according to Florida Statutes, in one of the local newspapers, on wednesday for three consecutive weeks before a tax certificate sale is held following the payment deadline. Advertising and collection fees are added to the delinquent taxpayer's bill.
Beginning on or before June 1st, the Tax Collector is required by law to hold a Tax Certificate Sale, The tax certificates represent liens on all unpaid real estate properties. The sale allows citizens to buy certificates by paying off the owed tax debt. The sale is a conducted in reverse auction style with participants bidding downward on interest rates starting at 18%.
The certificate is awarded to the lowest bidder.All unpaid tangible property becomes delinquent on April 1st each year, with a 1.5% penalty and advertising fee added each month, plus a collection fee of $2.00. Within 45 days of delinquency, the Tax Collector is required to advertise in the local newspaper all unpaid property taxes for one week. If the taxes remain unpaid, a warrant will be issued by that Tax Collector. Within 30 days of the warrant being issued, the Tax Collector applies to the courts for a hearing to be held to ratify warrants with enable a Tax Collector to seize and sell property for non-payment of the taxes.
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