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Tax Debt resulting in loss of home

Tax Debt resulting in loss of home

In an economy where people have to choose whether to pay their mortgage or buy food or pay real estate taxes, taxes may fall behind on the list. It is reasonable to think that the mortgage company has to be paid or they will foreclosure. This is true. However, your house can also be sold for tax debt.

If real estate taxes are owed for 3+years, the creditor for the taxes can foreclose on the property. When a tax sale happens it is typically that the house sells for the amount of debt that is owed. Those buyers can then turn around and sell it for much more. So while it can be hard to make all of your monthly obligations, taxes are something that should not be low on the priority list for too long otherwise is can result in sale of the home.

If you are in this position and do not know what to do to stop the sale of your home, contact a bankruptcy attorney. There are different options that may be available to you in this time of need. Contact our office for a free consultation to see if bankruptcy is the best option for you.

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