Impact of Unpaid Real Estate Taxes

Impact of Unpaid Real Estate Taxes - Failure to pay property taxes when due can lead to serious consequences, fines, interest, property liens or 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 due.
 
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 treasurer, at some point, can take
legal action by placing a lean 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 lean and the lender in turn may take action against the
homeowner.
 
Please feel free to contact me to
discuss:
 
732.500.6883
 
Https://JGraff.AdvisorsMortgage.com
 
#upaidtaxes #realestatetax #taxplanning
#taxlien #mortgage #tax #taxation #taxes
#homeownership #escrow #foreclosure #realestate #loan #mortgages #homeloan #homebuyers #estateplanning #realtor #property #property #payments #legal #lien #countytreasurer #treasurer #refinance #secondmortgage