A Loan To Pay Property Taxes Can Provide Fast Funding & Help You Avoid Penalties
First with the Covid-19 pandemic, and then with inflation not seen for 50 years many Texans are struggling financially. For many, meeting property tax deadlines has become increasingly difficult. While some counties may offer discounts or exemptions, they often have strict qualifications, leaving many property owners without many options. This can lead to delinquency, with severe financial consequences and emotional distress. A property tax loan offers a way to stay current, avoid penalties, and protect your home.
Not Paying Property Taxes Results in Expensive Penalties or Foreclosure
Falling behind on your property taxes in Texas can lead to significant amounts of penalty fees, interest, attorney collection fees, and payments which will only increase with time. Starting on February 1st, property owners who have delinquent taxes are charged 7% in interest and penalties in most counties. These costs increases by 2% every month until July 1st, when the taxing authority in most Texas counties will hit you with a 20% collection fee and an additional 3% in penalties and interest. Thereafter, interest accrues at 1% per month along with an additional 2% collection fee.
There is no cap on the interest, and collection fees will continue to rise each month. In the first year alone, penalties, fees, and interest can approach 484%. In the worst case, this could ultimately lead to losing your property to foreclosure, destroying your hard-earned equity.
What is a Texas Property Tax Loan?
A property tax loan is a financial solution where a lender pays a property owner’s overdue taxes directly to the taxing authority, allowing the owner to repay the lender through a manageable plan. Upon approval, the lender pays the entire outstanding amount to the relevant tax authority. The client’s account with the authority is immediately settled, and the tax lien is transferred to the lender. A common misconception is that a tax loan leads to the creation of a new tax lien on a property, but this is false. The existing lien is simply transferred from the county to the lender.
Although the lender holds the lien, it is not in their best interest to foreclose, as their goal is to help homeowners pay their debts and retain their properties. Property tax loans in Texas are strictly regulated by the Texas Tax Code and Finance Code, ensuring transparency and consumer protection through fair practices and clear disclosures on terms, interest rates, fees, and repayment schedules.
Unpaid property tax accounts can rapidly accrue penalties and interest, becoming unmanageable for many property owners. Property tax loans provide the best, quickest, and most affordable way for these homeowners to pay their loans, eliminate debts, and prevent their outstanding balances from spiraling out of control. At AFIC, the closing and repayment process is quick, with no credit checks or down payments required.
What are the Benefits of a Property Tax Loan?
In Texas, property owners are able to choose a company that can provide them with a property tax loan. Getting a loan offers significant benefits to property owners struggling to pay their annual property tax bill:
- Stop the accumulation of penalties and interest: Avoid the escalating costs associated with delinquent accounts.
- Prevent foreclosure or lawsuits: Eliminate the risk of losing your property or facing legal action from the county.
- Access flexible and affordable repayment terms: Compared to county repayment plans, property tax loans offer more reasonable and manageable repayment options.
- Gain peace of mind: Reduce stress by addressing mounting debt and removing the threat of foreclosure.
- Retain your property: Keep your home safe and maintain control over your financial future.
- Enjoy quick and convenient application processes: Approval is fast, with minimal barriers like credit checks or down payments.
- Facilitate effective financial planning: Simplify your finances with a structured repayment plan tailored to your needs.
By securing a property tax loan, you can resolve delinquent taxes, protect your property, and regain financial stability. Contact AFIC today!
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A Solution for Property Owners Owing Property Tax in Texas
Choosing the right Texas property tax lender is key to securing fair rates and repayment terms. Since 1946, American Finance & Investment Co., Inc. (AFIC) has been helping Texans with their financing needs. Today AFIC helps Texans protect their properties with affordable, hassle-free property tax loans. With a complaint-free track record spanning 65+ years, AFIC offers tailored solutions to meet your needs.
AFIC can provide you with an instant quote by completing the form on our homepage. For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
- Quick, online process
- No money down
- No credit check
- Free 30-day rate match
- Match competitors and beat their rate by 1%
- Avoid high penalties and foreclosure
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans, please contact our experienced team at AFIC today.
