A Texas property tax loan authorizes a licensed tax lender to pay the property taxes and establish a repayment agreement with the borrower. A new lien is not created with a property tax loan; rather the existing tax lien from the tax assessor is transferred to the tax lender. In order to complete the process, the tax lender must have a sworn authorization from the property owner granting the tax lender the right to pay the property taxes.
While property tax lending has proliferated in Texas during the most recent economic downturn, it is actually nothing new. The industry was legitimized with the passing of the Property Tax Lender License Act (SB 1520) which took effect September 1, 2007, and established a licensing procedure and regulatory framework for property tax lenders.
Past due property taxes are a serious matter. If you are delinquent on your property tax and you fail to make arrangements to pay this debt, you can be subject to significant penalties up to and including the foreclosure of your home. If you have past due property taxes and don’t know what to do, you should look into property tax home loans.
Property tax home loans from Property Tax Funding are outstanding options for distressed homeowners to get the relief they're looking for. Applying for a property tax home loan is simple and straightforward. The entire approval process takes just a few minutes and bad credit or prior credit issues will not get in the way of your approval. A Property Tax Funding tax loan will alleviate the stresses and protect your home from the burden of unpaid property taxes while you reorganize your finances.
Closing costs are the fees paid to close a real estate transaction. They are typically associated with a home purchase or refinance, but closing costs are also a normal part of any real estate financing transaction, including property tax loans.
When a property tax loan benefits a property owner – through freeing up financial resources and preserving equity in the underlying asset – it also benefits the mortgage provider. Combine this with the fact that Texas Tax Lenders are regulated by the Office of Consumer Credit Commissioner (OCCC) and must operate under the Texas State Tax Code and the associated Administrative Rules, which provides protections for mortgage companies, it obvious there are plenty of reasons for mortgage providers to support property tax loans.
If you are one of the many Texas property owners struggling to pay your property taxes, you need to read this. While we are in the business of making property tax loans, we also believe we have a corporate social responsibility to educate our clients on all property tax payment plans available to them.
A property tax assessor-collector secures an interest in your property through a tax lien to ensure payment of taxes. If your property taxes remain unpaid, the tax assessor-collector has the legal right to pursue a property tax foreclosure of the lien and sell your home. The process normally begins with the filing of a tax suit by the attorney representing the tax assessor. If the taxes are not paid the tax suit will lead to a judgment foreclosing the tax lien and authorizing the sheriff to seize the property and sell it at public auction. Below you’ll see a picture of a sign placed in the yard of a property owner with a recent tax suit. It’s not only embarrassing to drive home to this in your front yard but also alarming to realize you are one step closer to losing your property. The following are 4 options for stopping the foreclosure:
Are you one of the many Texas property owners who have not paid their property taxes? If so, you may have already received one or more late tax notices, and possibly letters from a delinquent tax lawyer demanding payment of the amount you owe. If you're dealing with this situation, you understand the stress of a tax lien looming over your head, as well as the possibility of losing your property. Did you know that you can solve this problem by financing property taxes?
Will I Qualify for a Property Tax Loan? You just might be asking this question if you are behind on your property taxes. The prolonged economic slowdown has hit many Texans right in the pocketbook. As a result, property tax delinquencies are at all time highs with hundreds of thousands of Texas home and business owners not able to pay their property tax. With tax assessor penalties up to 48% the 1st year, property owners in this situation cannot afford to let this issue go unsolved.
If you are a Texas property owner with unpaid property taxes, you might be in for a surprise. Many property owners do not know that penalties for late property taxes go up significantly on July 1st of the year they are due. How much will your late property taxes increase on July 1st? Most tax assessors in Texas assess a 23% penalty in this month alone. The charge is based on a 3% penalty and interest charge plus a 20% collection fee. For example, if you began the year with a $10,000 tax bill and you left your taxes unpaid, the July 1st penalty would increase your bill by $2,660.00. Ouch, a $2,660.00 increase in one month alone is an enormous penalty!
