When will my property be foreclosed on if I am delinquent, and can I buy it back?
If you owe delinquent property taxes, then you are at risk of foreclosure. Your taxing office will have control of your property tax lien until you can pay, and if you fail to pay, they can sue you, get a judgment against you, and then have your house sold at the public auction to the highest bidder.
As part of the foreclosure process, before Texas starts selling your home, they must give you at least 30 days’ notice of a court hearing about the foreclosure sale. The notice must inform you about the place, date, and time of the trial.
Attending the hearing, as a homeowner, you will have the opportunity to explain to the judge why the county should not foreclose your home. If all fails and your personal property has to be sold, you may repurchase it, but it will be challenging to do so.
When your homestead property tax lien gets sold at a tax foreclosure auction to a successful bidder, you will have two years to purchase your property back and regain possession; it is called a “redemption period.” Within the first year, you can buy back your property for a 25% premium added to the sale price. In the second year, this premium doubles to 50%. Commercial properties are slightly different; original owners have a redemption period of 180 days. While redemption is possible, finding financing to determine the redemption price will likely be exceedingly difficult. Understanding Texas foreclosure redemption rights can help you navigate the process and explore potential options to reclaim your home before it’s too late.
Get Support from AFIC
Foreclosure should always be the last resort when facing delinquent property taxes. While tax lien sales can be profitable for investors, they can be devastating for property owners. If you’re struggling with unpaid property taxes, one of the best solutions is a property tax loan.
With a flexible property tax loan, you can settle your debt, stop foreclosure, and regain financial stability. At AFIC, we specialize in creative property tax solutions designed to help homeowners like you. Our team is committed to finding the best repayment options so you can keep your home.
AFIC can provide you with an instant quote by completing the form on our homepage. For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
- Quick and completely online process
- No money down
- No credit check
- Free 30-day rate match
- Match competitors and beat their rate by 1%
- Avoid high penalties and foreclosure
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans, please contact our experienced team at AFIC today.
