Property Tax Arrears
Property Tax Arrears
If you have missed property tax payments and they are now in arrears, there may be severe consequences. In fact, local municipalities rely on homeowners to pay their tax bill on time to fund essential services like schools, garbage collection, snow plowing and even local law enforcement.
What are the consequences of not paying your property taxes?
Once you are considered delinquent on your property taxes your local government will start trying to recover their money. For example, they will apply significant interest and penalties to try to motivate you to pay.
Secondly, the town or city will register a tax lien attached to your home. To clarify a tax lien or tax arrears certificate as it often called prohibits the sale of your home unless your property tax arrears are paid. Above all, a property tax lien takes priority over all other liens secured by your home.
Can I Lose My Home in a Property Tax Sale?
So, if you have unpaid taxes on your property you will quickly learn how powerful a municipalities collection powers are. Namely, you will find out that the government can foreclose on the property in a municipal tax sale.
Frequently, when a local government has exhausted its options, it will attempt to foreclose on the property for which taxes are owed. But most homeowners will try to arrange payment plans with their municipality. Unfortunately, this doesn’t mean that your home is safe from the power of sale or foreclosure, as there is another major area for concern.
Moreover, your current mortgage lender should be cause for concern. In addition to making your mortgage payments on time, your current mortgage lender will mandate that you keep your property taxes up to date.
Specifically, if you fall into arrears with your property taxes, your lender can refuse to renew your mortgage. Additionally, they may even pay your property tax arrears for you. However great this may sound, it’s not. In other words, your current mortgage lender will demand repayment immediately as these are an out-of-pocket expense to them.
To sum up, there is almost no situation in which it is ok to have property tax arrears. As a result, it is important that you find a way to take care of any unpaid property taxes quickly.
Can I get a Loan to Pay for Missed Property Payments?
Here at 911 Mortgage Brokers – The Mortgage Centre, we have several financing and mortgage options available to help you pay off those property tax arrears and to protect your personal property.
Our 911 Mortgage Brokers or agents will analyze your financial situation and find the financing solution to ensure the property tax issue is resolved swiftly and efficiently. There are a variety of solutions including a debt consolidation loan, a home equity loan, a home equity line of credit, a second mortgage, a private mortgage, or a mortgage refinance. We will explore all the options with you to find the right solution for you.
How 911 Mortgage Brokers can help
This is where an experienced mortgage broker comes in and can make all the difference. Our 911 Mortgage Brokers are known for providing out-of-the-box creative solutions. We have the expertise and know-how to deal with these unwelcome situations, swiftly and efficiently, to provide the right financing solution. We can help you, as a homeowner, to keep your home while saving you the unnecessary hassle, stress, and cost of a legal battle.
We understand that there are difficult situations that arise in everyone’s life which can wreak havoc in a person’s life causing issues such as property tax arrears, missed mortgage payments and potential home foreclosure. This is where an experienced mortgage broker comes in and can make all the difference. Our 911 Mortgage Brokers are known for providing out-of-the-box creative solutions. We have the expertise and know-how to deal with these difficult situations, swiftly and efficiently, to provide the right financing solution. Having helped many homeowners keep their home, we can help you save your home by paying off all property tax arrears and avoiding additional penalties.
Whether it is a mortgage renewal, refinance, home equity loan, second mortgage or private mortgage, we have the tools, know-how and more than 50 lenders nationwide ready to help you fund your mortgage or loan option.
Call Us Today at 289-318-0911 or Toll Free at 1-888-377-0911 for a free confidential consultation to discuss your options.
Our Service Areas
911 Mortgage Brokers – The Mortgage Centre offers services to clients across Toronto and the GTA, Vaughan, King, Aurora, Stouffville, Newmarket, Markham, Richmond Hill, Barrie, Innisfil, Orillia, Collingwood, Oshawa, Ajax, Whitby, Mississauga, Brampton, Caledon, Burlington, Oakville, Milton, Bolton, Hamilton, St. Catherines, Niagara Falls, Windsor, Kitchener, Waterloo, London, as well as far as Muskoka cottage country, Ottawa, Simcoe, and the rest of Ontario.
