Taxes that have been unpaid for one or more years are known as back taxes. When they involve real estate, these unpaid taxes can become a serious problem, especially for the taxpayer who doesn’t have the means to pay them. In many cases, those who can’t pay their taxes wind up losing their homes.
Besides the obvious blow to your credit rating, you’ll most likely have to pay penalties, with your interest rate rising with each penalty. The balance you owe will increase accordingly, and you may even have a tax lien filed against you. Should that happen, someone else, usually an investor, will have a claim on your property, meaning you won’t be able to sell it to pay off your debts. Your home may even be foreclosed on and auctioned off so the local government can collect what’s owed to them. In some cases, houses have been sold for just a fraction of their worth.
If you find yourself in this situation, what can you do? At Backer Homes, we deal with these situations regularly. Simply call us or fill out our form here, and one of our specialists will be in touch to provide you with a fast cash offer that may allow you to take care of those back taxes and avoid these worst-case scenarios.