Ask Marie...

May 18, 2016

My mother transferred her home to me shortly before she went into a nursing home in order to keep her home in the family, and most importantly to become Medicaid eligible. Consequently, I realized that there were some back taxes owed on the property. What are my options in keeping this property?
Adiza....
 
Hello Adiza,


Falling behind with your property tax payments may lead to the following but not limited to:

  • A tax lien being placed on your home

  • Loosing your property in a tax sale

  • Tax authority selling the tax lien that it holds, and the purchaser bring able to foreclose.

However you do have options:

Requesting an abatement of your taxes due to economic hardship.  Abatement means all or part of your property taxes are forgiven, and you're in no danger of a tax sale or foreclosure.  However, you must prove to your taxing authority that you have only enough income to meet your basic living expenses (like house payment, lights, heat, and food).
 
Call Wealth Management Financial Advisors today and schedule a free consultation.

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