Can I modify last year’s Property Tax Loan to include 2011 taxes?

If you closed a property tax loan last year, in most  cases you can modify your loan this year to include an advance for your 2011 taxes. The option  may not be available to you if you have recently filed for bankruptcy, your payments are not current, or the proposed loan exceeds 25% of the assessed value of the property.

2011 Property Taxes are now due and will be delinquent if not paid by February 1^st 2011. The February penalty for non-payment is 7% of your tax bill.  After February, most counties continue to charge a 1-2% per month penalty through June 30^th. On July 1^st an additional collection fee of 20% is charged to your account.  The total of all potential interest, penalties and collection charges exceed an annualized rate of 43%.

Call or e-mail us today in you would like to determine what options are available for your specific situation.