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Frequently Asked Questions

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Property Tax Loan Questions

Not paying your property taxes is expensive. Avoid punitive and costly fees, equal to as much as 43% in the first year, from your county tax office. Failure to pay your taxes, may lead to losing your property to foreclosure. A foreclosure will destroy your hard-earned equity. A property tax loan is an alternative, giving you time and relief from municipal collections.

Consumers can transact safely with property tax lenders, knowing their interests are taken care of. Property tax lenders are regulated by the Texas Office of the Consumer Credit Commissioner, and to ensure industry members are meeting the highest ethical standards, the Texas Property Tax Lienholders Association was formed.

A property tax loan, is a loan where you and the lender negotiate agreed upon terms, and the lender pays your obligation to the county or applicable tax office. The tax office reflects your account as paid, and all municipal collection actions applicable to the paid taxes, cease. The governmental tax lien is transferred to the property tax lender, and you pay the lender, pursuant to your agreement. A property tax loan is often not constrained in the same way a county tax office might be. You likely will be able to reduce fees, extend your time for payment, and/or both.

If the property tax lender doesn’t pay your taxes, the county tax office or assessor collector, won’t transfer the governmental lien to the property tax lender.  The lender would then, rather than being safely secured, be an unsecured creditor.  Consequently, in addition to angering customers, failure to pay a customer’s taxes, would severely limit a lender’s ability to collect from its customer.  It is in both the customer’s and lender’s best interests to ensure the taxes are paid.     

American Finance & Investment Co., Inc. (AFIC), is a family company, in its fourth generation, that has earned its reputation over 70 years, serving thousands of customers. It has the highest possible Better Business Bureau rating, BBB. Its management team has over 100 years of experience, and the principals have prominently served in many advisory and board capacities. AFIC also has some of the strongest financial backing in the industry, ensuring its viability for years to come.

The Texas Property Tax Lienholders Association (TPTLA) is a statewide alliance of companies that advance and protect the profession of property tax lending. its thirteen member companies are committed to upholding high standards of ethical conduct and operating in accordance with all applicable federal laws, state laws, and administrative rules.

If you are over 64 or disabled, you qualify for a deferral granted to all Texans in xyz. This deferral prohibits collection actions and caps the penalties that may be charged to you. Ask your local tax office for help, if you think you might qualify for a deferral.

Loan Term Questions

APR is an acronym for annualized percentage rate.  If your unpaid principal balance is unchanged over the course of a year, you will pay in interest, your APR multiplied by your outstanding balance.    

Amortization is the total number of monthly payments assumed when calculating your monthly payment. The fewer the total payments, the more principal required with each payment installment. A greater number of total payments, reduces your required monthly payment, but increases the total interest payable over the course of the loan.

Term is the number of payments your loan contract calls for.  It may be equal to or shorter than your amortization.  If it is shorter, your final loan payment will be a “balloon” or an amount greater than your periodic monthly payment.  Depending on the legal terms of your loan, you may be able to prepay a loan at no cost to you.    

Final Payment is sometimes called a “Balloon”. It includes all of your accrued and unpaid interest, as well as your unpaid principal balance, on the date your loan matures. It is frequently an amount much larger than your typical monthly payment.

Escrow is a separate reserve, generally held by a lender, to pay future expenses associated with a property or other collateral. A property tax escrow is a monthly payment, meant to reserve for future taxes, ensuring they do not become delinquent. This escrow will help you pay your future taxes, and avoid future costly penalties and interest.

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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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