Tuesday, May 9, 2017
What is a tax lien?
Owning a home is something that is extremely time consuming, but very rewarding because you get to make the home you own your and your family's home for, hopefully, a very, very long time. For most people, the American dream is rained upon by having to pay for unseen expenses like paying for a new roof, fixing the HVAC unit outside, fixing the hot water tank or heater, and so many more. But what happens when you can't pay for this expenses? Or what happens when you don't pay your yearly taxes to the state or city?
Sometimes, construction crews and companies place a lien on a home to ensure they get their money if you can't pay them. Other times, companies that loan you money can use your house and other assets as a collateral. If you can't pay their price of interest and what you owe them, they will take your house away. However, there is a solutions to bypassing all of this headache when it comes to tax liens or other types of a lien.
Likewise, the city or state can place a lien on your house for the amount of taxes owed to them to ensure that the government gets their money that they are owed for your house. If you don't pay those taxes, you can lose your home.
So what happens when you have a lien?
When you go to sell your house, you won't be able to sell the house until you pay off those liens against your property. If you don't pay them before selling, those lien holders have every right to take away your house and you lose everything.
However, THERE IS HOPE! There are companies out there that specialize in helping people selling their homes to get out from under those vicious tax liens, one company being Favor Home Solutions. They are one of the very best when it comes to getting you out from under those pesky tax liens.