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Are You Late on Payments? – Sell your house fast or find a quick solution here.
It’s exactly as implied by the name. Late payments are simply fees that are paid late or after the provided time. As a matter of fact, being unable to follow up on a payment can’t be sectioned since it exists in only one form. In that regard, we can term these late payments as real estate or property tax/mortgage payments. They occur when you can’t afford payment due to a myriad of reasons amongst which are:
- Medical bills
- Maintenance of the family
- Loss of employment or job
- Decrease in overall income
- Internal familial problems
The reasons iterated above as hinted are not the only reasons why an individual can be late on payments. There are countless others that are even combinations of the aforementioned ones. Regardless, we digress—late payment or in this scenario, better-called property tax/late mortgage payments as you most likely well know is a cause for concern. It is enforced rather rigidly by the taxing authority/lender. Wherein failure to comply with their wish (payment) can lead to fines. The worst being a tax sale or foreclosure.
In the case of foreclosures (due to late mortgage payments), you can explain it as an opportunity for the lender to take their collateral. The collateral being the property you used when you (the borrower) acquired a loan from them (i.e the bank). After this (taking the property), the house will be sold and the mortgage might be fully covered.
On the part of taxing authority, tax sale is divided into two; the tax deed sale and the tax lien certificate sales.
Tax deed sale
A tax deed sale is almost like a foreclosure. Translating the definition above to a tax deed sale means the taxing authority will collect the (your) house, sell it, and use the funds generated from it to clear all late payments you owe.
Tax lien certificate sales
Firstly, lien is the right of an individual to keep the property of another individual when he or she owes a debt. The property in question is held until that individual clears the debt. Now, when individuals default on his or her tax payment, the taxing authority will sell the tax lien. So, the individual in debt will have to pay all the tax—including the penalties (if any) to the person who purchased the tax lien. Failure to do this will lead to the possessor (owner) of the tax lien to foreclosure.
Summarily, the above (tax sales and foreclosure), if left unchecked, will give the taxing authority or lender the chance to take over your property. Nonetheless, all the penalties that you could face due to a late payment can be reduced or at the very least, avoided by taking/using a few steps or methods. Although, do keep in mind that this is only applicable if you’re indeed late on a payment.
How to avoid or reduce penalties due to late payment
Re-evaluate your house’s price
This particular step isn’t going to help you avoid the penalties you’ll face. Also, it’s particularly tailored to solving late payments due to tax. Still, you can very much reduce the fines or interests that have accumulated due to you being unable to pay your property tax. Re-evaluating the price of your property helps you to get a proper estimation of your house. This can be used by you to proof the one provided by the taxing authority. Now, the only reason this method can be considered an advantage is only if the price plus interest laid down by the taxing authority is incorrect and thus, unjust towards your position. So, if truly the taxing authority are unfair and your property tax is apparently reduced—due to your property price being lower than the one given by the taxing authority, you can dispute the property tax. Although, in this kind of scenario, you must be well prepared in terms of necessary documents, procedure organization, negotiation, etcetera.
Property tax abatement or exemption programs
Texas has property abatement/management/exemption programs that you can use to your advantage provided you can satisfy the program’s requirements. Mostly, any individual that wants to reduce or stop property taxes can do that by showing evidence of their circumstances. This includes disability, age, income, etcetera. A popular option is property tax abatement due to age and disability. Older folks, veterans, and individuals with a handicap usually use this to reduce or even defer property taxes.
The latter involves the taxing authority pausing the tax collection of an individual’s property until he or she vacates the home/residence as the owner. Essentially, if you can qualify for this program, you won’t pay the property taxes until such a time that you’re not the homeowner anymore.
Also, do take note once again that this is only possible by showing evidence of your current condition.
Doing a short sale
You can communicate (a must) with the lien holder to do a short sale if you’re late on payments and you’re facing foreclosure or tax sale. Why? You’ll be talking to the lien holder because you need their permission to sell the house. Also, this particular method is mostly tailored to be used for late mortgage payments. Nonetheless, doing a short sale involves the lien holder (bank) agreeing to collect a sum lower than the one you owe. Luckily, lenders do not like foreclosures.
They would rather you give them the payment up-front which is better than the stress involved in finding a buyer. As a result of that, this is one of the better options since you’ll sell your house and clear the late payments. Still, it has disadvantages. You, the previous homeowner after you sell the house will be left with no funds and property. As a matter of fact, doing a short sale leaves a bad score on your credit card. And so, you might want to consider another alternative if possible.
Deed in lieu of foreclosure
A deed in lieu of foreclosure is simple. It involves the homeowners handing over their property (willingly) to the bank/lenders. One condition for this to work is that you’ll have to be facing a foreclosure already (in the beginning stages or on the brim of foreclosure). This means you’re not reducing the penalty but you’re all-out avoiding it. So, you’ll no longer have to worry about late payments again (an advantage). Still, unfortunately, you’ll also be left with no house and funds (since you’re willingly handing over).
Sell to a real estate investor or through a realtor
If you’re late on payments and you want to sell your house to pay the debt, you can make use of a realtor or you can sell to a property investor like Housejiffy. This has an added advantage in helping you prevent the penalties of a late payment whether it be from a lender (bank) or the local taxing authority.
Now, to go in-depth, a realtor is any individual that publicizes your property in a bid for it to be sold. After the house is put on the market, you’ll have to select the highest bidder. At the end of the proceedings (after you sell the house), the funds generated will be used to clear the late payments. Now, despite the fact that using a realtor is an excellent alternative to other options on this list, it requires patience. You have to wait for the highest bidder which might take a few days to a few months. Unfortunately, with the trend nowadays, it can take the latter length (a few months).
A property investor
Using Housejiffy ensures you’ll get paid fast. We’re family-owned and we have over 10 years of experience. Our team spans lawyers, title companies, contractors, and literally anything that you can think of. Though, do keep in mind that the latter concerns solving real estate stresses. So, with that kind of features, any proceeding with us is simple and stress-free. On that front, the steps you take when dealing with us are simple:
You contact us, we schedule a meeting, investigate your house, offer you the adequate sum, and then we finish the proceedings with both parties well compensated. As a matter of fact, during the proceedings—you’ll be doing nothing. This, in turn, guarantees a smooth experience when you use our services. Also, when you sell the house and settle the due (late) payment, you’ll be well compensated which makes looking for the highest bidder a chore in the long run. Furthermore, we’ll provide you with the sum up-front or through any alternative method you prefer.
Now, to ensure optimum efficiency, there are things you must avoid doing if you’re late on payments. Failure to do so can bring dire consequences in the long run. In regards to that,
Do not avoid nor lie to your lender or taxing authority
Avoiding or lying to the taxing authority/lender can be dire. In the case of short sales, your unwillingness to come clean (so to speak) can block this opportunity. Banks, if they notice your behaviour/lies might be unwilling to work with you and thus, they’ll refuse your offer to short sale. This can cause foreclosure in the long run. An alternate example to this is taxing authorities.
They will complicate and elongate issues if they notice lies—because a show of evidence of your situation might be a lie also (to them). So, they’ll elongate issues by doing investigations which take time. This, at the end of the day (like the one above), might cause complications that you’ll not appreciate. In fact, these complications might not concern late payments. Ideally, always be honest to ensure opportunities that might be advantageous.
Do not forget to make investigations and sound plans
Take your time to investigate for more information (including rights) than what’s on offer above and then make a plan based on what you find. There might be laws in Texas or opportunities that might arise provided you make a sound plan. Any hasty decision you make can cost you and can even affect you for years to come. Let’s take a look at an example; you’re currently low on funds due to loss of employment and you’re panicking. Luckily, this tip (or otherwise) comes to mind and you make a plan to take another job.
So, you use the first point and discuss your situation with your lender—upon which they’ll most likely appreciate your honesty (also because they’ll rather avoid foreclosures) and agree to wait until you get a new job. Hence, this shows how a good plan coupled with proper information can help you pay all debts that you owe. Also, even if you find no alternative to the liable ones above, investigate and choose one that suits your needs.
In conclusion, yes, you can sell your house to solve the issues with late payment. Nonetheless, kindly take your time to go through the information above. If your choice is to sell your house to settle the late payments, you can choose the options that are tailored to do exactly that. If not, you can use other options (like the ones on this list) in that regard.
“Late payments sell my house fast” urgency? Get your free solution today.
The “late payments sell my house fast” urgency can really be stressing you out. Let us take away that stress and provide you your personal solution for free. If you need to sell your house fast, trust me we will buy it fast as-is for cash.
We also help regarding:
Foreclosure – Divorce – Vacant Homes – Illness – Heirship – Death – Behind on Payments – Out of state owner – Estate Sale – Loss of employment or job transfer – Tax issues – Or just want to sell fast!