All Forum Posts by: Dele Gabriel

When you say you own the house free and clear, I get the impression that you don't have a mortgage on it and that your credit is decent. If so then does any of your credit cards have a balance transfer to checking account option? If so do that and then work on the HELOC.

I knew someone this happened to. He got a hard money loan. It was less than the 25 percent interest you will have to pay for redemption. Then he had time to refi the house and pay the hard money lender. Now his taxes come out of the escrow account every time he pays his mortgage. 

look for a quick course HML.

 Home equity line of credit. A bank gives you a line of credit using your house as collateral. If it is owned free and clear you should have some equity available. talk to some local banks in your area

Take a HELOC or get a line of credit to pay it off.

Pay the Taxes, you won’t want to lose an asset over the taxes. If you need assistance with other ideas if you can’t pay send me a message 

@Dele Gabriel

There are a couple of easy, quick fixes here. (1) An investor will gladly pay your taxes in return for an undivided interest in the house. This keeps the house out of foreclosure and gives time to get the property sold. All an investor needs is a title search confirming there are no other liens on the property that would cause a problem when re-selling. (2) An investor can also consider doing a tax loan to cover the unpaid taxes. 

Is there a redemption period where you can pay taxes plus interest and get the property back? If so why not take a HELOC out on the property pay the taxes and then pay the HELOC off.

To prevent the home from going to auction, the $12,000 property tax bill must be paid in full. It may be a good time to find out how you got in this situation. Will you be in the same situation next year when the tax bill comes out? You can sell the property before the auction and pocket quite a bit of money from the equity. As you stated, you could also find someone to pay the taxes for you in exchange for a lien on your property. However, if you are going to be in this same situation again next year, this is not something that I would recommend.