It's not uncommon to have a lien on your property. It happens when you don't pay your property taxes, and it can be a little confusing. Liens are not to be taken lightly. This is why you need to know what type of lien you have and how it affects residential property tax loans.
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In this article, show you how to determine if you have a lien, how it affects your property, how to get rid of a lien, and other important considerations.
What Are Property Tax Liens?
Property tax liens are basically an agreement between the government and you where they say, “If you don’t pay us, we’re going to take this house away from you.” When you don’t pay your taxes, the government puts a lien on your home as collateral until they get paid back for what you owe them.
Is It Bad To Have A Lien On Your Property?
The answer is no, it’s not bad to have a lien on your property. A property tax lien is simply a way that the government can ensure they get paid when you don’t pay your property tax bill. They put a lien on your property, which means that if you sell your home or refinance it, the lien will still be attached.
What Happens If You Don’t Pay A Property Lien?
If you don’t pay off your property tax lien within 30 days after it goes into effect (which happens automatically when you miss a payment), then the government can eventually take away all of your rights as an owner of that property—including selling it—and use whatever money they make from selling it toward the lien.
How do you get a lien off your property?
You'll need to work with your county tax office to file an application for the release of the lien (please note that this can take several weeks). Once that's done, provide proof of payment (either online or by mail) along with any other required documents (such as an affidavit).
If your property is the subject of a lien, you don't want to disregard this issue. While liens can be removed, in some cases they can also result in foreclosure or repossessions. Luckily, there are ways to handle liens on properties that will allow for the liens to be removed and for you to avoid negative consequences.
Monica Davis, Operations Manager for Home Savers Community Group. Specializing in assisting property owners with saving their home with a property tax loan.
This is a contributed post.
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