Have you found yourself in a situation where you are behind on your property taxes in Onondaga County?
If so, you are not alone.
Several hundreds of homeowner's each year are unable to pay their property taxes. This may be due to a number of possible financial burdens.
Each year owners of residential and commercial properties are required to pay their portion of property taxes that are imposed by your local municipality. When you pay your property tax bill, this money is typically kept within your community and is used to support a number of programs, such as:
Road Construction
Local Government Staff Salaries
Policemen
Firefighters
Public Transportation
Sidewalks
In order to meet the budget to fulfill these programs, Onondaga County must collect these property taxes. If you are unable or fail to make these payments on your property taxes, Onondaga County has the ability to take legal action against you to repossess these funds. The longer you are unable to make these payments, the more serious these debts become, in the end, resulting in a foreclosure.
The foreclosure process usually begins with the filing of a tax suit by the counties attorney. This is basically the county notifying you that the foreclosure process has been initiated and that you have been put on notice. If the taxes remain unpaid and you are still unable to make payments, the tax suit will lead to a judgment. This will give Onondaga County the right and privilege to move forward with the foreclosure process to seize your property and sell at auction. In Onondaga County this process can take up to 3 years to finalize.
4 Ways To Stop Onondaga County From Foreclosing Due To Delinquent Property Taxes
If you do find yourself in a situation where you are unable to pay your property taxes in Onondaga County, there are options for you to stop the foreclosure process. As with all foreclosure situations, it is better to act once you are aware that you will be unable to make your tax payments.
1) Establish A Repayment Plan - Onondaga County will allow homeowners (with some provisions - see document below) to apply and register for an tax installment plan to help you repay your delinquent property taxes. Some of the terms of the agreements are as follows:
$25.00 processing fee per parcel
24 month agreement
At least a 25% down payment of the eligible outstanding delinquent taxes to be paid upon the execution of the agreement
For additional terms, requirements and guidelines please see the document below.
2) Secure A Loan For Taxes - There are several different ways for a homeowner to secure a loan to help them pay of their Onondaga County property taxes. While there are several options, a property tax loan is considered to be one of the quickest and fastest. These tax loans typically take only a few days if you are approved and can potentially move faster depending on the situation. These tax loans will pay off all past due taxes, court fees or any other additional fees that may have accrued related to your taxes.
3) File For Bankruptcy - This may be one of your last choices, since you will still take a credit hit, just not as severe as a foreclosure. By filing for bankruptcy, you will stop the property tax foreclosure. The filing of a bankruptcy petition invokes the automatic stay prescribed by the bankruptcy code and no collection or enforcement efforts can continue from the time of filing until the automatic stay is lifted or discharge or dismissal of the bankruptcy proceedings. Filing for bankruptcy will not eliminate the debt, but instead give you some time to reorganize your finances, sell your property or find a financing source. During this time, the interest on your unpaid taxes will continue to accrue until you address the situation.
4) Sell Your Property - Depending on your current situation, you may be able to sell your property. If you have a large mortgage on your property and the mortgage amount is close to or equivalent to the full market value, you will have a hard time trying to sell the property due to the fact that a buyer will not want to purchase a property that is potentially under water with no equity. However, if you do have equity in your property, selling your property may be the right option for you. If you plan on selling your property traditionally, we recommend that you start this process early, once you find out that you will be unable to make your delinquent tax payments. This is due to the fact that the sales process can take a long time. From listing to closing a typical sale in Syracuse will take anywhere from 3-6 months. Even if your property is under contract, Onondaga County still has the right to foreclose during this time. If you are more than 2 years late on your property taxes and have no intention to make payments, you will have to take a look at an alternative sale option. This option will involve you selling your property to cash buyer / investor. The reason this option is beneficial is strictly due to the terms. They will be able to close on your property within 7-14 days, you will not have to hire an agent, make any repairs to your home and will be relieved of your delinquent taxes upon the closing of the property.
Wrapping Up | Onondaga County Property Taxes
We want you to understand that you have options when it comes to stopping the foreclosure process due to unpaid property taxes in Onondaga County. The longer that you wait to address this situation, the worse off you and your family will be. Once you determine that you will no longer be able to pay this obligation, you need to make arrangements to move forward with an option to stop the foreclosure process.
If you have reached a point where you to sell your property fast or you are going to be foreclosed on, we can help. We have the ability to buy your property in 7-14 days and help you avoid the foreclosure process. If you are interested in learning more about our service, click the link below.
HS Property Funds
Funds to Help, Problems to Solve
(315)516-8023
www.hspropertyfunds.com