Although a large amount of national awareness has lately been focused on the issue of foreclosures and defaults, another huge problem that is much less well publicized is the issue of property taxes.
When the nation's housing crisis has risked the homes of millions of Americans, it also created a huge heap of unpaid bills- further risking homes to tax seizures, causing multi-million dollar shortfalls for many local governments who were already struggling to make ends meet because they rely on property taxes to pay for lots of public programs.
Treasurers and Tariff collectors in hundreds of communities across the nation are reporting that they have observed a sharp increase in the amount of delinquent businesses and homeowners coinciding with the country's increasing unemployment rate. They are bracing themselves for a higher level of delinquencies and defaults than in years past.
Authorities will do their best to set up settlement plans in the year or two after you have fallen behind or stopped paying. Usually within the first month or two, lenders will step in to protect their investment by agreeing to a loan modification or ordering a temporary freeze on payments. But in the end, if they don't get paid, the lenders or tax collectors will seize homes.
Many homeowners, however, will be adequate for legitimate property-tax reductions, and almost ten times the usual number of people is applying for them. The process doesn't necessarily require professional handling, many homeowners can do it themselves, if they feel well-prepared enough to appear before an appeals board. Those who do not feel comfortable enough should hire a property-tax consultant or an attorney, and a loan modification expert or real estate appraiser. Many of these services are available online.
When the nation's housing crisis has risked the homes of millions of Americans, it also created a huge heap of unpaid bills- further risking homes to tax seizures, causing multi-million dollar shortfalls for many local governments who were already struggling to make ends meet because they rely on property taxes to pay for lots of public programs.
Treasurers and Tariff collectors in hundreds of communities across the nation are reporting that they have observed a sharp increase in the amount of delinquent businesses and homeowners coinciding with the country's increasing unemployment rate. They are bracing themselves for a higher level of delinquencies and defaults than in years past.
Authorities will do their best to set up settlement plans in the year or two after you have fallen behind or stopped paying. Usually within the first month or two, lenders will step in to protect their investment by agreeing to a loan modification or ordering a temporary freeze on payments. But in the end, if they don't get paid, the lenders or tax collectors will seize homes.
Many homeowners, however, will be adequate for legitimate property-tax reductions, and almost ten times the usual number of people is applying for them. The process doesn't necessarily require professional handling, many homeowners can do it themselves, if they feel well-prepared enough to appear before an appeals board. Those who do not feel comfortable enough should hire a property-tax consultant or an attorney, and a loan modification expert or real estate appraiser. Many of these services are available online.
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