Do you have unpaid property taxes in Dallas? If so, you may fear losing your home to tax foreclosure. If you fail to pay your property taxes in Texas, the past-due amount (plus interest and penalties) becomes a lien on your home. Eventually, you will receive a written Notice of Foreclosure Sale and your home will go up for auction. In our latest post, we discuss the consequences of foreclosure in Dallas, TX and the available solutions to help you during this difficult time.
What if I can’t pay my property taxes in Dallas?
Paying property taxes in Dallas is no joke! Depending on the value of your home, property taxes can be a huge financial burden. There are many reasons homeowners face foreclosure including loss of income due to unemployment, divorce, illness, or death. If you are behind on your property taxes, the penalties and fees will begin to add up and it may seem impossible to save your home from going into foreclosure.
What Are The Consequences of Foreclosure?
Worst-case scenario, you could lose your home. When your property taxes become delinquent, the government will put a tax lien on your property until the balance has been paid in full. Eventually, the city of Dallas will hold an auction and sell your home to the highest bidder.
Texas Foreclosure Process
Foreclosure Notice of Default
The first step in the Texas foreclosure process is a Notice of Default. The Notice of Default letter gives the homeowner 20 days to pay the delinquent payments or foreclosure proceedings will begin.
Foreclosure Notice of Sale
In Texas, you must receive at least 21 days written notice (from the date the notice is mailed) before your house goes up for auction. If you have received a Foreclosure Notice of Sale, you must act quickly to avoid foreclosure. Even if you fail to collect your certified mail, you will not be able to delay the foreclosure process unless you pay the debt in full.
Foreclosure auctions are held at the Dallas County Courthouse on the first Tuesday of each month. Anyone can bid on your home. The new owner will then proceed with the eviction process to remove you from the property.
What Can I Do To Stop Foreclosure?
If you have unpaid property taxes, there are a few things that you can do to stop the foreclosure process. First, you can pay the amount owed. Even if you can’t afford to pay your property taxes, a “property tax loan” may be available to help you avoid foreclosure. However, these lenders are notorious for outrageous interest rates, penalties, and fees. For many homeowners facing foreclosure, a “property tax loan” simply delays the process (while raking up even more debt) of losing their home.
Attempt to Lower Your Property Tax Debt
If you feel that your property tax rate is too high, in comparison with other homes in your neighborhood, you can reach out to a home appraiser to reassess your property value. Getting your taxes lowered is possible, but it won’t be easy.
Sell Your Home to a Dallas Real Estate Investor
The fastest, most convenient way to escape unpaid property taxes is to sell your house to a buyer that will resolve the lien. Happy Buy Homes works with homeowners facing foreclosure every day. We are familiar with the Texas foreclosure process and can lay out all of your options. If you would like to sell your Dallas house to avoid foreclosure, we can make a fair cash offer and take care of the liens. You’ll be able to wash your hands of the whole situation and move on with your life.