For Michigan homeowners who have been unable to pay property taxes, March 31st is a significant date. If it’s your third year of unpaid property taxes, March 31st is the date that the county will officially foreclose on your home. This is a stressful time of the year for many — no one wants to lose their home, but when you’re required to pay back taxes in full, it’s hard to feel like you have options. If you’re wondering if it’s possible to avoid a tax delinquent foreclosure in the last year, the answer is yes.
While it might be more difficult to avoid tax foreclosure in the last year, it can still be done, so long as you know what your options are. Let’s take a look at the options you have to avoid a tax delinquent foreclosure in the last year of the process:
Pay Back All of Your Taxes
The first solution is to pay back all of your taxes. Obviously, this isn’t the easiest solution. Unless you have extenuating circumstances (we’ll get to those next) the county will require that you pay back all outstanding property taxes, accrued interest, penalties, and any additional fees all at once to redeem your home. If you have a nest egg saved up, this is the simplest way to avoid a property tax foreclosure, but it’s certainly not the easiest.
Property Tax Installment Plan
There are some Michigan counties that will allow you to enter into a delinquent property tax installment payment plan. To enroll in an installment plan, most counties have specific criteria — like meeting the federal poverty income standards — that you must meet to apply. If you do qualify for a tax installment plan, your property foreclosure will stop, so it’s worth looking into. Check your county treasurer’s office for information on applying and qualifying criteria.
Sell Your Home Before March 31st
If you know you’re not going to be able to make the tax foreclosure deadline, or if your home has been on the market for a while and you just can’t seem to make a traditional sale before March 31st, you still have options. You can arrange an as-is cash sale.
So long as you close on your home before March 31st, you can avoid foreclosure. You can have a real estate investor pay for your back property taxes before that deadline hits, and even walk away with enough cash in your pocket to get a headstart on your next step.
As-is sales can be completed in as little as two weeks, which means that as long as you contact someone now, you should be able to stay ahead of your foreclosure deadline.
March 31 is Michigan’s deadline to pay back-taxes. Not sure you can make it? Renewed Homes can help! We’re able to close in 10-15 days, and we’ll cover your back-taxes as a part of our offer. That way, you don’t have to find the cash, and you get the money you need to move on. Contact us online, or give us a call at 269-362-0931 to get a free cash offer today!