Legal Question in Real Estate Law in Texas

Property tax loan

I am thinking of getting a loan from a tax lender to pay my property taxes, they stated the lien already on property would transfer to them, and if I do not pay the loan I could lose my property. Is this the only way they can foreclose if I default paying them back? They sent me a truth in lending estimate and there are closing cost. It scares me. Please advise.


Asked on 5/19/09, 11:34 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Property tax loan

It scares me too. These guys charge a 30% premium plus lots of closing costs on top of your taxes and they CAN foreclose. Plus, you lose your 2-year redemption period due to your homestead status. Borrow the money ANYWHERE else you can before using this option. Good luck.

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Answered on 5/20/09, 7:43 am


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