It can happen to anyone. There is always a bad patch in our lives where we find ourselves financially overwhelmed. It may be due to a sudden expense, an expensive medical emergency, a sudden loss of employment, or a damaging business investment. You can find yourself falling back on your property or income taxes, or even your water bills.
It may be an honest mistake of miscalculating your taxes or simply, the inability to secure sufficient funds to pay off your dues. In either case, a failure to pay off your income or property taxes, or even your water bills, can lead to tax liens water liens and judgments. These debts come with high-interest rates, which creates a vicious cycle of constantly rising monthly payments that you never seem to pay off.
It is important to get your bearings and get a better understanding of your situation. Understanding the legal and financial jargon will certainly improve your odds of combatting this financial burden.
A tax lien is a lien that is imposed by the state or the federal government on your house or property in order to secure the payment for the taxes you have not paid. It can be imposed to reimburse the government for delinquent property taxes, or a failure to pay your income taxes or other mandatory tax payments.
A water lien, on the other hand, can be imposed on your home if you fail to pay your water bill, charged by the water or sewer service. If your bill goes unpaid for a prolonged period of time, this unpaid bill can become a lien against your house or property. If you manage to pay off the outstanding dues, you can get rid of the lien.
However, if you are unable to pay, the lien can be foreclosed upon, causing you to lose your house or property.
If the tenant does not pay the water bills on time, the landlord will be stuck with the water lien against his/her property. It can lead to an extremely challenging situation because of the high-interest rates, which cause the payment amount to rise constantly. Faced with such odds, the best option available to you is to sell off and get rid of these liens and the debt that has caused them.
However, selling off a house or property with tax liens or water liens isn’t an easy task in itself. No potential buyer is attracted to a property that is tied with liens and high-interest rates.
At 718 Real Estate Advisors, we can help you disentangle yourself from this situation. We will buy your home as-is, allowing you the peace of mind that comes from a prompt cash payment. You do not have to conduct any repairs or worry about additional fees and hidden costs for our services. We cater to clients faced with the looming possibility of foreclosure, and other financial constraints.
Feel free to get in touch with our team for further details.
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