The Consequences of Not Paying Your Property Taxes

Property tax payments are a given for any Dallas homeowner. Many people have these payments taken out in their monthly mortgage statement, while others who own their homes have to plan out to make their payments by the deadline.

Either way one cuts it, the taxes need to be paid, and not doing so results in some dire consequences for a homeowner.

Tax Liens and Losing Your Home

Once the date has passed for a homeowner to pay their property taxes in Dallas or Tarrant County, the account becomes delinquent. While this is generally not a good position for a homeowner to be in, there are steps that can be taken to avoid a lien being placed on the home.

A lien on your home is a notice that is attached to your property that does not allow your property to be sold until the taxing authority is granted its money.

In order to prevent a lien from being placed on your property, a homeowner must either pay their property tax on or before the due date or make specific arrangements with the county if they are eligible for a payment plan option.

Taxing Authority Foreclosure

If you simply fail to pay your property taxes and let them go unpaid for a lengthy amount of time, you will eventually lose your home to foreclosure.

If your property taxes are connected to your mortgage payment and have gone unpaid, the lending company will usually pay these back taxes and then seek repayment from the homeowner. Failure to pay in this instance results in a standard foreclosure after a set length of time has passed with no payment.

However, if you own your home and owe to your taxing authority, they can legally sell off your debt to a third-party and you could lose your home in a foreclosure sale. You can cure your delinquency by paying the amount due, plus interest to the taxing authority prior to the sale date. In these situations, it is best for a person facing foreclosure to meet with a property tax consultant or the county for guidance on the next steps of the process.

What If You Simply Can’t Afford It This Year?

Regardless of affordability, your taxes need to be paid. Fortunately, if you’re in the situation where you simply can’t afford your payment, you are not alone.  Many people face the issue of having problems affording annual lump payments in property taxes. We suggest contacting your taxing authority prior to the due date to come up with a resolution.

This usually results in a partial payment being accepted with a certain amount of time to pay off the debt prior to a lien being placed on the property.

If your debt is sold to a third-party agency like a law firm, you still have a chance to save your home. Contact the third party and find out what their payment plan options are.

Need Help Figuring Out How to Pay Property Taxes On Time? The Hegwood Group is On Your Side

Property tax payments can be a daunting experience for homeowners. Don’t let your property tax bill leave you with a headache. Reach out to the property tax consultants at The Hegwood Group to find out how we can help you improve your situation.



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