Have you fallen behind on your mortgage payments? Are you also behind on your Walworth County property taxes? Walworth County property taxes are due again at the end of January, right after Christmas. (Who thought that was a good idea?) If this is the third year in a row that you have been unable to pay your property taxes, you may be facing the loss of your home to public auction. One option you may want to consider is a Walworth County short sale.
What is a Walworth County Short Sale?
A short sale means exactly what it sounds like, your home is being sold for less than the amount owed. If you are unable to pay your mortgage payments, your mortgage lender can approve a short sale. Your home will be listed for sale at an amount less than what is owed to your mortgage lender. Since your mortgage lender will be receiving less than the amount owed on the mortgage, the lender must approve a short sale before it can take place. Your lender will decide if a short sale is a better option than foreclosing on your property.
Is a Walworth County Short Sale a Good Option?
If you are facing the loss of your home to public auction this year due to three years of nonpayment of real estate taxes, a short sale is most likely a better option for all parties involved. A short sale benefits a homeowner by avoiding foreclosure, and public auction. A homebuyer will benefit from a short sale because they will purchase a home at a lower cost and avoid the risks associated with foreclosed properties. A Walworth County short sale is a good option for your mortgage lender since they will save time, hassle, and money involved with foreclosure, the legal process, and the resale of your property. Other parties associated with the short sale of your home will earn a profit from the sale, such as real estate agents, mortgage brokers, homeowners insurance companies, title companies, inspectors, and appraisers.
Please remember, if your home is sold by way of a short sale before the home is seized by the county for nonpayment of real estate taxes, you still owe the county real estate tax money. You may not have a seized home on your record because the home is no longer in your name for the county to seize, but you are still liable for the tax monies due. If the tax monies due are in an amount you are unable to pay, other options may be better for you based upon these circumstances, such as bankruptcy. You should consult with an experienced Walworth County real estate attorney to discuss your best options and all possible scenarios. For example – What if your home doesn’t sell in time?
Contact Our Walworth County Real Estate Law Office
If you are in danger of losing your home this year, please contact our Walworth County real estate law office. A Walworth County short sale may be a good option; however, it is only one option. Contact our Walworth County real estate attorney to discuss all options available to you based upon your particular situation. We can provide answers to all of your questions and ease your concerns. Contact our Walworth County real estate office by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has real estate law offices located in Delavan, Lake Geneva, Muskego, and Salem, Wisconsin.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.