held, Foreclosure Order signed by the Judge. 3rd Year of Delinquency, March 31: h 31:Taxpayers lose all interest in their property. 3rd Year of Delinquency, August: Tax-foreclosed properties are offered at auction to recover back taxes, interest, and penalties.
AVOIDING FORECLOSURE FOR REASONS OTHER THAN TAX DELINQUENCIES
There are a few options to consider that can stave off foreclosure. These options can come in handy in this drastic circumstance, and you can think of them as potential “remedies” when you want to hold on to your home. • Try reinstatement. If foreclosure is looming due to missed mortgage payments, reinstatement refers to the case in which you bring your payments current by paying—in full—the amount due to your lender, including all the 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. This tactic requires no lender approval; however, it's important to communicate with your lender
early in the process, as they may have specific requirements or procedures for reinstatement.
• 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
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