back payments, fees, and fines charged. As unlikely as it may sound, this scenario can happen; perhaps there’s a new job in the offing or loans from relatives or friends available. As a homeowner, it’s possible to reinstate a mortgage even up to the day just before a final foreclosure. In addition, this tactic requires no lender approval. • Rent the property. Renting the property is advisable to homeowners who have a property tax balance that is low enough to enable the rent payments to pay it up. If possible, find a less-expensive rental property, or consider asking compassionate relatives or friends (who have the means to do so) to allow you to live with them temporarily to avoid losing the house. • Refinance. In case you have enough equity in your home and your credit is in good standing, it might be possible for you to refinance an affordable loan to avoid foreclosure and achieve lower payments. With current economic conditions and the housing values, it’s prudent enough to critically analyze whether this option can “bail you out.” • Work out a loan modification. It can happen that you can pay your property taxes but don’t have enough cash in hand to pay whatever you owe the local government. An agreement can be reached through which your tax collector absorbs your delinquent property tax payments, making payment possible over the long run. Your outstanding balance could be forever altered if 1) missed payments can be added to the back end of your ongoing outstanding balance; 2) the interest rates can be lowered; 3) an adjustable rate is made fixed; or 4) the remaining
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