Covid-19 has created a debilitating global financial landscape, but a greater number of Americans say that they have experienced a negative economic impact than people in other countries. Since businesses were forced to shut their doors to limit the pandemic’s scourge, millions of people have been left unemployed and exposed to financial risk. A record 20.5 million jobs were shed in April, moving the unemployment rate to 14.7% - the worst the U.S. has seen since World War II.
Major companies Boeing, Ford, and General Electric are only a few who have felt the economic sting and subsequently had to cut jobs and report significant losses. While almost every individual knows someone who has become unemployed during the pandemic, it’s these significant job cuts that will have a resounding effect on families for quite some time. The mortgage delinquency rate has spiked to 8.22% in the second quarter of 2020 due to Covid-19. It is also the highest delinquency rate since 1979, which includes loans where at least one payment has been missed and loans in forbearance. Fitch Ratings reports that while there were significant defaults and forbearances during the 2008 economic crisis, there was a minimal decline in property taxes’ collection. Fitch further predicts that a spike in unemployment and a drop in income will have a negative effect on sustainable home prices and lead to overvaluation of properties. While individuals may not be able to pay their taxes during an economic fallout, mortgage servicers may be obligated to advance property taxes. However, some local governments have waived fines for late payment or have postponed deadlines for property taxes for property owners who can prove that Covid-19 has impacted their ability to pay, but no such government has done so in Texas.
American Finance & Investment Co., Inc. (AFIC) offers property tax loans to pay off delinquent property taxes. AFIC provides a flexible payment plan to individuals from all walks of life to find a solution to settling tax bills. With over 70 years of experience as a finance company, and extensive property tax lender experience working with residential and business property owners, we understand the stress an unpaid property tax bill can cause. When applying for a property tax loan with AFIC:
If you would like to discuss our property tax loans, contact our experienced team at AFIC today. To get a property tax loan quote, simply fill out our online form.
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Proudly Serving Austin (Travis County & Williamson County), Dallas (Dallas County), El Paso (El Paso County), Fort Worth (Tarrant County), Houston (Harris County, Fort Bend County, & Montgomery County), the Rio Grande Valley (McAllen, Pharr, Hidalgo County, & Cameron County), San Antonio (Bexar County), Waco (McLennan County) and the rest of Texas with Property Tax Loans.
YOUR TAX OFFICE MAY OFFER DELINQUENT TAX INSTALLMENT PLANS THAT MAY BE LESS COSTLY TO YOU. YOU CAN REQUEST INFORMATION ABOUT THE AVAILABILITY OF THESE PLANS FROM THE TAX OFFICE.
If you are over 64 or disabled, don’t get a property tax loan, contact your tax office about a deferral.
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