As a homeowner, you are subject to continuous responsibilities and obligations. If financial pressures become insurmountable, the prospect of losing the sanctuary of your home can feel overwhelming. When local property taxes go unpaid, New Jersey grants municipalities the power to initiate foreclosure proceedings even in cases where your property is encumbered by a mortgage or you own the property outright.
Our Toms River property tax foreclosure lawyer can help you manage this difficult challenge with the proper tools and resources to protect your interests. At Gillman Capone, our experienced foreclosure defense attorneys can help you keep your home and resolve your tax dispute.
A property tax foreclosure is a legal process a municipality initiates when a homeowner is no longer able to make property tax payments. New Jersey allows a municipality to conduct a “Tax Sale” when a homeowner owes outstanding property taxes. During the “Tax Sale” process, local government officials may auction off and provide to the successful bidder a “Tax Sale Certificate” on a property with unpaid taxes.
A “Tax Sale Certificate” does not mean the holder has an immediate right to the property. The highest bidder for the certificate can only seek foreclosure two years after the original sale provided the tax debt remains. If the tax debt is not remedied within two years, the certificate holder has the right to foreclose on the property. Working under the direction of an experienced property tax foreclosure attorney in Toms River can ensure your rights and interests are safeguarded during this timeframe.
In most cases, it is impossible to recover title to the property after a tax foreclosure except in rare cases involving property that had little to no debt. However, bankruptcy is one option that protects a homeowner from losing property from a tax foreclosure. The homeowner must file a bankruptcy petition before the Court enters a final judgment.
Pursuing bankruptcy allows a homeowner to improve their overall financial health and provides time for resolving tax debt. Bankruptcy can help to secure the funds necessary to redeem the tax debt and prevent the risk of losing property to foreclosure. A skilled bankruptcy attorney who understands the nuances of the law and local procedure can act as a shield against harsh foreclosures.
Chapter 13 of the United States Bankruptcy Code is a useful resource to address delinquent property taxes and avoid the threat of losing property in a tax foreclosure. Under a Chapter 13 protection, a homeowner can propose a plan to repay delinquent real estate tax debt. When bankruptcy is filed, the Automatic Stay is imposed, blocking a property tax foreclosure. The guidance of a knowledgeable tax foreclosure lawyer in Toms River can strengthen a homeowner’s protections and help create a clear path forward.
The idea of facing a foreclosure can be distressing. You have worked hard to acquire and maintain your property for years, and suddenly the future of your ownership rights seems uncertain. Do not attempt to navigate your next steps without first consulting with a qualified legal firm with the resources to help you.
By partnering with a Toms River property tax foreclosure lawyer, you can focus on reclaiming and reestablishing your financial footing while we focus on protecting your ownership interests in your property. Do not wait to seek help or find the solution to your concerns. Give us a call at Gillman Capone today for your free case evaluation.
Gillman Capone Law Group
N/a
