At LendToday.ca, we understand the stress and financial burden that property tax arrears can impose on homeowners.
However, there’s good news – you can leverage the equity in your home to resolve property tax arrears and stop a potential tax lien or sale. Our expert team at LendToday.ca specializes in providing tailored solutions to help you overcome this challenge and regain control of your finances.
Property tax arrears occur when homeowners fail to pay their property taxes on time. These arrears can accumulate, leading to hefty penalties, interest charges, and even the risk of property foreclosure. It's a situation that requires immediate attention and strategic financial planning.
Property tax arrears can grow at an alarming rate and can cause further strain on your household finances. At LendToday.ca, we recognize the urgency of addressing this issue, and we are here to guide you through the process.
Your home is more than just a roof over your head – it’s a valuable asset that can be leveraged to resolve financial challenges. The home equity is what’s available to you less any outstanding mortgage balances.
It can serve as a powerful tool to pay off property tax arrears and alleviate the associated stress. There are several methods to obtain access to equity in your home to help resolve a tax lien today.
A tax sale is the sale of one or more properties by the city or municipality to recover unpaid property taxes on those properties. If you don’t pay your property taxes for three consecutive years, the Municipality may take action, which includes registering a Tax Arrears Certificate and advertising your property for sale.
Partial payments are not accepted once a certificate has been issued with the Land Registry Office. In fact, any partial payment received will be returned to the homeowner immediately. Once a tax certificate is registered you normally have a short window of opportunity to make payment in full to the City and bring the current account up to date.
A home equity loan allows you to borrow against the equity in your home, providing you with a lump sum of money that can be used to pay off property tax arrears in full. These loans often come with competitive interest rates and flexible repayment terms, tailored to suit your financial situation.
HELOCs offer a revolving line of credit based on your home’s equity. You can draw funds as needed, making it a flexible solution for addressing property tax arrears. HELOCs typically have lower interest rates than credit cards, making them a cost-effective option for homeowners.
Cash-out refinancing involves replacing your existing mortgage with a new one that has a higher principal amount. The difference between the old and new mortgage is given to you in cash, which can be used to pay off property tax arrears. This option allows you to secure a lower interest rate on the new mortgage, potentially reducing your overall monthly payments.
Reverse mortgages are tailored for seniors aged 55 and above. They allow homeowners to convert a portion of their home equity into tax-free cash, which can be used to settle property tax arrears. The loan is repaid when the homeowner sells the property or passes away, offering financial flexibility for older individuals.
With years of experience in the financial industry, our team at LendToday.ca possesses the knowledge and expertise to assess your unique situation and recommend the most suitable solution tailored to your needs.
We work with a network of trusted lenders, ensuring that you receive competitive rates and favorable terms on your home equity solution. Our goal is to make the process as financially advantageous for you as possible.
We believe in transparent communication. We explain all aspects of your chosen solution, ensuring that you have a clear understanding of the terms, conditions, and obligations associated with resolving your property tax arrears.
We understand the urgency of addressing property tax arrears. Our streamlined application process and efficient service aim to get your funds approved and disbursed as quickly as possible, providing you with the timely relief you need.
Don’t let property tax arrears threaten your home and financial stability. At LendToday.ca, we are dedicated to helping you leverage the equity in your home to pay off property tax arrears and secure your future. Take the first step towards financial freedom by contacting us today. Our team of experts is ready to guide you through the process, offering personalized solutions that align with your goals and aspirations.
Your home is your sanctuary, and we believe that everyone deserves the peace of mind that comes with financial stability. Let us help you protect your home and build a brighter future. Reach out to LendToday.ca and embark on your journey towards a debt-free and secure tomorrow.
Below you find some of the questions we often get asked by our clients who have been faced with property tax arrears and needed assistance just like you.
There are several financing solutions that we can help you explore to catch up on past-due property taxes. No matter your credit score or income, we can uncover a variety of short and long-term solutions to help you get back on track. If you want to learn more about your options, consult with one of our mortgage specialists today.
A home equity loan comes in handy when the unexpected happens. A home equity loan is separate from your 1st mortgage and is based on the equity in your home.
HELOC’s afford you the ability to borrow the funds that you need to pay off your property tax arrears and give you access to extra funds whenever you need them.
