What To Do When Back Property Taxes Threaten To Take Your Long Island Home
Thursday, August 28, 2014
What can, and should Long Island homeowners do when back property taxes threaten to put suck their homes into foreclosure?
Unfortunately, while that national media reports that the housing market is improving late property taxes continue to sweep homes from under the feet of New York homeowners. So whether you are just worried about being able to pay your next property tax bill, already behind, or have already received a foreclosure notice, what options are available?
1. Sell Quick for Cash
Despite tax and revenue collection authorities claiming they do everything not to foreclosure and seize homes for late property taxes, it is happening every month. Often it isn’t for huge amounts. It has frequently happened to those just a few dollars short, or even that paid their taxes, yet missed a couple dollars in extra fees they weren’t even aware they owed. If you are down to the wire, and there is no way to rectify taxes, or come up with the money, selling fast for cash to a real estate investor might be the best option.
2. Borrow the Money
Those seriously delinquent may still find assistance programs and government help for borrowing the cash. Those that still have reasonable credit may be able to refinance their homes or take out a home equity loan and get cash. Family and friends may also be an option. However, all of these sources will want to know how you think you will maintain taxes after this, and pay them back. They will want to know what efforts you have made to have your property taxes adjusted or reduced to bring them to a sustainable level.
3. Find other Ways to Save
Are there other areas of expenses which you can slash to find the money, and keep going? Can you get utility bills down by using less power, heat or air conditioning? What about saving on water? Perhaps you can mow your own lawn or maintain your own pool? What about getting your home insurance reduced, being more frugal on coffees, and take lunches to work instead of eating out? What about carpooling to save on gas?
4. Get Your Property Taxes Reduced
Wouldn’t it be better just to get your Long Island property taxes reduced? A huge number of LI homes receive overblown bills every year. Often these can be reduced, corrected, and negotiated with the help of a professional local property tax adjuster to get back on track, and keep housing payments sustainable.