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AVOID TAX FORECLOSURE

Countless Michigan Residents Grapple with Mortgage Foreclosure, with Thousands of Homes Anticipated to Face

this Fate this Year.

 

Yet, Where Challenges Arise, H.E.A.R.T. Real Estate Solutions Follow. We are Here

to help you find the Optimal

Solution for Your Specific Circumstances.

Here Are Some Possible Solutions:

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Payment Plan

You can collaborate with your local tax authority to establish a payment plan, allowing you to gradually pay off your overdue taxes. This structured approach offers flexibility and enables you to manage your financial obligations effectively, alleviating the burden of tax foreclosure looming over your property.

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Forbearance agreement​

You can explore the option of forbearance, negotiating a temporary pause or reduction in your tax payments if you're experiencing financial hardship. This arrangement provides breathing room, allowing you to address immediate financial challenges while working towards resolving your tax obligations and avoiding foreclosure on your property. Consider reaching out to your tax authority to discuss this possibility and determine if you qualify.

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Refinance Your Mortgage 

You can consider refinancing your mortgage or negotiating a loan modification with your lender to potentially free up funds for addressing your tax debt. By exploring these options, you may find a solution that not only helps alleviate your financial burden but also prevents tax foreclosure on your property, providing a more stable financial future for you and your family. Be sure to discuss these possibilities with your lender and carefully weigh the pros and cons before making a decision.

Partnership

Negotiate with Tax Authorities

You can explore negotiating with tax authorities to potentially lower the amount owed or settle the debt for less than the full amount through an offer in compromise. This process may offer a viable solution to address your tax debt and avoid foreclosure on your property, providing a pathway to financial stability.

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Do Nothing and Lose your Home

Don't let the pressure get to you. If you wait too long, your home could be foreclosed on, leaving you with nothing. But we're here to help you find a better solution. Whether it's refinancing, a forbearance agreement, or selling to a cash buyer, we'll guide you toward the best option to avoid foreclosure and secure a brighter future.

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Seek Government Assistance

Government assistance programs may be available to you depending on your situation. You can access government assistance  through resources like 211 of Michigan at mi211.org. They provide a list of organizations offering support for Michigan homeowners facing home-related delinquencies, including emergency living and utility expenses.

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Tax Exemption/Reduction

You can investigate if you qualify for any property tax exemptions or reductions, such as homestead exemptions or exemptions for senior citizens or veterans, which could potentially alleviate your tax burden and help prevent tax foreclosure on your property. Researching these options and applying for eligible exemptions can provide significant financial relief, ensuring a more secure future for you and your family.

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Sell your Home to a Realtor

You can sell your home with a realtor to get market value if no repairs are needed. Here's how it works: Your realtor assesses the market value, lists your home, and promotes it to potential buyers. Once you receive offers, your realtor helps negotiate the best price. After accepting an offer, you'll proceed to the closing process, where ownership is transferred, and you receive payment. Selling with a realtor ensures a smooth transaction and maximizes your sale price.

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Sell your Home to a Cash Buyer

Selling your home to a cash buyer when facing foreclosure offers numerous benefits. Cash transactions are fast and reliable, avoiding the lengthy foreclosure process and uncertainties of financing. With cash buyers, you won't need to worry about public scrutiny or stigma associated with foreclosure. Additionally, cash buyers often purchase homes as-is, so you can skip costly repairs and renovations, settling your mortgage debt quickly, protecting your credit score, and putting cash in your pocket.

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