Legal Question in Tax Law in New Jersey
Proberty Tax
Mom owes back property tax, Someone has purchased her tax bill.The person who bought is threatening foreclosure on the home what are her options?What are her rights. She is unable to pay them at the present time.Home is worth 800k+.
1 Answer from Attorneys
Re: Proberty Tax
If she cannot pay all the funds now, she should try to negotiate a payment plan. The purchaser has the right to start foreclosure proceedings and can force a sale. At worst, maybe people in the family can lend her the money to clear the lien. The house seems to have value, so she can secure the loan by a mortgage, which, at worst, will be repaid (with or without interest as the family decides) when mom passes or the house is sold. In a foreclosure sale she might not get full value if the house is sold (people who buy at a foreclosure are usually only interested in a quck turn-around sale and buying at a bargain price), so the family could protect the value by lending her the money. It also appears she has financial problems in maintaining the house, so she could consider selling herself and down-sizing to something she can afford.