How to avoid car repo

how to avoid car repo

Things You'll Need


Assemble important papers. Prior to foreclosure, your local taxing authority that is your town, city or county will have made several attempts to collect back taxes. At this point you have received letters asking you to pay up and you may have spoken with your tax department about your situation. Before foreclosure can be initiated, you will also have received notice that the town has placed a tax lien on your property. That is done in case you plan on selling your home; the tax lien allows you to sell but, at closing, back taxes are collected from the proceeds of the sale. Bring all of your papers together including your tax bill.

Contact your tax assessor. Regardless of whether you have talked with your tax assessor previously or not, now is the time for you to make that important call in a bid to resolve your back tax problem. Reference the letters previously sent and your tax bill; ask for additional time to pay your taxes.

Make a partial

payment. If possible, make a partial property tax payment. Some tax assessors will accept your payment, which would forestall your foreclosure. Find out what the procedures are to have your payment accepted by calling your tax office.

Ask for a compromise. Talk with your tax assessor about a compromise settlement. Your taxing authority may be agreeable to forgiving some of what you owe, especially if you cannot afford to pay your tax bill. Known as an “abatement,” this procedure is handled on an individual basis and is decided by a board overseeing this department. If your abatement has been accepted, then you have avoided foreclosure and the tax lien will be lifted.

Sell your home. If a property tax abatement request is turned down, then the home may be sold via a tax sale. By this time your mortgage company, if you have a mortgage, may get involved and pay your property taxes and then foreclose your home to recoup their money. You can also sell your home and pay off what you owe at closing.


Category: Bank

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