If you don’t pay your Walworth County real estate taxes, you will lose your home. That statement is straight to the point. Walworth County real estate taxes are due at the end of January. Is this the third year you have been unable pay? If so, you may lose your home due to unpaid property taxes.
What Happens When Walworth County Real Estate Taxes are Delinquent?
Most homeowners set up an escrow account with their mortgage lender to pay their Walworth County real estate taxes. An “escrow account” means that in addition to their monthly mortgage payment, the homeowner pays additional funds each month to pay for real estate taxes. The escrow amount is rolled into the monthly mortgage amount. For instance, if your Walworth County real estate taxes are $2800 a year, you can divide that amount by 12 (for 12 months in a year) and that amount, which is $233, would be added into your monthly mortgage payment.
If a homeowner does not establish an escrow account, the homeowner is responsible for paying their yearly property taxes on their own, separate from their mortgage payment. When homeowners face financial challenges, they may elect to not pay their Walworth County real estate taxes. This situation can quickly escalate. The county will charge late fees and interest in an extraordinarily high amount. Even if a homeowner has finally saved enough to pay their real estate taxes, say in June, the penalty and interest is so much that they still can’t pay the entire amount, and it just keeps snowballing. Before they know it, next year’s Walworth County real estate taxes are due, again. Does this sound familiar?
After a homeowner has been delinquent paying Walworth County real estate taxes for three years, the county treasurer will initiate a tax sale. You will lose your home based solely on delinquent property taxes. The homeowner will receive notice of the tax sale. The home, along with other homes being auctioned, will be published on the county website. The home will be sold to the highest bidder.
How To Avoid Walworth County Foreclosure and Tax Forfeiture
A homeowner will have one year to redeem their property back before the title changes hands. Is that long enough? Will you be able to come up with the full amount to buy back your home? In most cases, the answer to these questions is “no”.
If you wish to avoid the sale of your home due to nonpayment of taxes, you may want to consider bankruptcy. Odds are that if you are behind on your Walworth County real estate taxes, you are behind on other payments as well, such as: credit cards, mortgage payments, personal loans, medical bills, etc. If this is the case, speaking with an experienced Walworth County real estate and bankruptcy attorney would be most beneficial. In the majority of cases, filing a Walworth County Chapter 13 Bankruptcy will allow you to keep your home.
Speak with a Walworth County Bankruptcy Attorney
Now is the time to speak with a Walworth County bankruptcy attorney. Waiting until it is too late is never a good idea. Our experienced real estate and bankruptcy attorneys can assist you with finding a solution to your financial dilemma. There may be several options to save your home available to you. Wynn at Law, LLC offers free initial bankruptcy consultations. Contact us to have all your questions answered and put your mind at ease. We are here to help. You can reach our Walworth County bankruptcy attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Muskego, and Salem, Wisconsin.
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*The content and material on this web page is for informational purposes only and does not constitute legal advice.