Not A Solicitation – If COVID-19 is affecting your personal finances, this is the time to begin assessing obligations as fast as possible and make a plan for the entire year.
2nd Half Property Taxes Due Date
We genuinely want everyone to repay their obligations to all creditors and governments. Many of our clients have expressed no desire to quit, however, this is an unprecedented crisis, and timing can be so critical to protecting financial stability in our homes.
April 10th is the deadline for property tax bills and choosing a partial or courtesy-type payment, or not paying at all, in order to meet higher priority obligations is actually a viable plan.
There are provisions in the tax code that a property can be delinquent up to 5 years prior to foreclosure, unlike a mortgage which can only be 4 months, and during this crisis likely longer. Second, property tax goes unreported to credit bureaus, and the assessed penalties are much lower than credit card interest.
This is a much more generous timeline than mortgages, credit cards, and other private entities that report to the credit bureaus.
Our 2nd Half Property Tax Filing Tips
Tip 1. Pay what you can on or before April 10th
Tip 2. April 11th – submit your “penalty cancellation form”
Tip 3. Make payment arrangements post-crisis
Did you know that there are ways you can get out or even lower your mortgage payment? Check out our blog How to Get Out Of A Mortgage for more information!
Our objective at this time is to understand how to make decisions.
Note: if you have impounded taxes and insurance: our mortgage servicers do have a hardship provision that if you can request that the funds in your impound account be applied to your next mortgage payment. This must be taken very seriously and can affect your credit.
We want everyone to understand that Christian and I would rather take phone calls from our clients during this time that do not materialize in any profit what-so-ever because it is the right thing to do. We have a responsibility to step it up and do right by the community that has upheld us for years.
It isn’t necessary for anyone to go through a hardship alone; we are a community and can work together to reduce the impact of COVID-19. #alonetogether
We offer free consultations! Contact us today for more information.