Need Lien on House Help
Most local governments in the United States impose a property tax on real estate or personal property as a principal source of revenue. This tax is a legally enforceable obligation attaching to the property and is usually fixed. There are situations when the owner needs to sell the property which has property taxes or mortgage still unpaid. The process is a bit complicated and requires the seller to address the delinquent taxes before closing the sale. This can be done either by paying off the owed taxes beforehand, or using the proceeds of the sale to fulfill the debt requirements. However, there may be cases when the sale amount is not sufficient to pay off the taxes and mortgage dues.
When you fail to pay any taxes you owe the government, they may file a tax lien against your property. These tax liens are a way for government bodies to get the money you owe them. When you have a tax lien on your home, you can’t take any profits from the sale of your home until you’ve first paid off your tax debt. You also can’t refinance your mortgage loan until you’ve paid back those taxes. If you ignore the tax liens long enough, the government can take over your property through foreclosure process. The best way for the home owner to resolve this is selling the home and settling the dues in case there are no other savings to make the payments. The tax liens and mortgage dues must be paid back on priority basis through the sales proceeds. Once you’ve paid back the owed taxes, you can ask to have the lien removed from your home’s title.
If the proceeds of your sale do not cover the owed taxes, you’ll be responsible for bringing the rest of the owed balance to satisfy the lien — or the sale cannot close. If you aren’t sure that you can sell your home for a price to meet all financial obligations, you may want to seek another route before you sell a house with a lien on it. In certain situations, the taxing agency may grant a lien release called a ‘certificate of discharge’. It allows the lien to be released from the title of the property and transferred to you. You must still repay the owed taxes, but you’ll be able to sell your house and pay back the debt after the sale. This process can however be time consuming.
The best way to sell a house with a tax lien is to sell to a real estate investor. They have the expertise in buying property with a lien against it and can give you the best advice as per your situation. Many real estate investors prefer to close on home sales quickly so you can resolve your debt and close on your home sale quickly.
Market is flooded with companies, who promise that they will make all the process painless and simple. In reality, you can spend countless hours making the necessary preparations to get the house ready for sale. You need to fix it up, clean it and make it look like new for potential buyers. Now that you’ve done all that, you need to find a real estate agent who will work with you to get your home sold as fast as possible. And hopefully you’ll also have time left to be able to pay your bills. If you’re thinking about selling your home because of tax lien or bad credit, we can help! You don’t have to be worried about our agents being biased against you, because they don’t have any information about your financial situation. You won’t even have to talk with them if you don’t want to! You can deal directly with us and get cash for your house fast. Sell my house can be a great way to generate extra funds if you are in a bad financial situation. If you’re behind on your property taxes, you can use sell my house to help put yourself in a better financial situation. For more assistance on House Lien, connect with us here.
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