Texas has some of the highest property tax rates in the country and, in a state where property values have held despite the recession, this can cause a problem for many homeowners.
Property owners in Texas should be aware that property tax loans can help, even before delinquencies, penalties and foreclosures have been assessed.
A tax loan consolidates the delinquent taxes, penalties, and interest on the debt into a loan with affordable monthly payments.
The tax loan lender is the recipient of a tax lien, in security for the loan.
Loans are available for nearly every type of property as long as there is no IRS lien or bankruptcy against the property, and it is well maintained.
These types of property tax loans are available for residential, commercial, investment property, and vacant land.
Your credit history is usually not an issue, as you are securing the loan by tax lien.
Some employment verification is necessary for a property tax loan.
The closing can happen in less than a week from the date of application.
Application can be made on the phone or on-line and a mobile notary will come to close on the property at a point of convenience to the borrower.
A property tax loan can keep you from losing your home or real estate property in foreclosure and save you thousands of dollars in penalties and interest, which can accrue as high as 37% to 44% per year in Texas.
You should always choose an experienced lender to work through your property tax loan.
Such lenders must be licensed by the state of Texas through the office of the Consumer Credit Commissioner.
Always ask lenders for a referral from borrowers with whom they have done business.
Also ask them for any accreditation or affiliations with organizations like the Chamber of Commerce or Better Business Bureau.
Even though a property tax loan is a very good way to avoid foreclosure and extended debt from penalties and interest on delinquent property tax, it is not something that you should just jump into without thorough research.
Make sure that the lender with whom you intend to do business is reputable and that the monthly payments you will be making are well within your ability to afford.
If you do your due diligence, you may find that a property tax loan is a great solution to a pressing and potentially defeating financial problem.
Property owners in Texas should be aware that property tax loans can help, even before delinquencies, penalties and foreclosures have been assessed.
A tax loan consolidates the delinquent taxes, penalties, and interest on the debt into a loan with affordable monthly payments.
The tax loan lender is the recipient of a tax lien, in security for the loan.
Loans are available for nearly every type of property as long as there is no IRS lien or bankruptcy against the property, and it is well maintained.
These types of property tax loans are available for residential, commercial, investment property, and vacant land.
Your credit history is usually not an issue, as you are securing the loan by tax lien.
Some employment verification is necessary for a property tax loan.
The closing can happen in less than a week from the date of application.
Application can be made on the phone or on-line and a mobile notary will come to close on the property at a point of convenience to the borrower.
A property tax loan can keep you from losing your home or real estate property in foreclosure and save you thousands of dollars in penalties and interest, which can accrue as high as 37% to 44% per year in Texas.
You should always choose an experienced lender to work through your property tax loan.
Such lenders must be licensed by the state of Texas through the office of the Consumer Credit Commissioner.
Always ask lenders for a referral from borrowers with whom they have done business.
Also ask them for any accreditation or affiliations with organizations like the Chamber of Commerce or Better Business Bureau.
Even though a property tax loan is a very good way to avoid foreclosure and extended debt from penalties and interest on delinquent property tax, it is not something that you should just jump into without thorough research.
Make sure that the lender with whom you intend to do business is reputable and that the monthly payments you will be making are well within your ability to afford.
If you do your due diligence, you may find that a property tax loan is a great solution to a pressing and potentially defeating financial problem.