As a homeowner, it’s your responsibility to pay accurate real estate taxes on time. A failure to meet your tax obligations could cause you to lose your property in a tax sale. In the unfortunate event that your property is lost in a home sale, it’s possible to recover that property in a Philadelphia Tax Home Sale Redemption.
In order to qualify for a tax home sale redemption, there are a few conditions that you ought to meet. For instance, you or your family have to reside in the actual property. After successfully fulfilling the Philadelphia home sale redemption requirements, you’re given nine months to redeem your property. You can request for the professional services of a philadelphia bankruptcy attorney if you wish to redeem a property that was recently auctioned at a tax sale.
The Right of Redemption
The Pennsylvania law permits property owners to use the “right of redemption” when filing a bankruptcy case under Chapter 13. You might be wondering: what’s the right of redemption? The U.S. constitution warrants borrowers and mortgage holders to reclaim properties that have been confiscated due to failure to pay real estate tax. However, they have to meet all the required terms before utilizing their right of redemption.
Property owners who struggle to pay their taxes/mortgages on time risk losing their properties under foreclosure laws. Most lenders use mortgaged houses as collateral. Once your house is foreclosed due to payment defaults, your financier has the right to sell it and recoup the lost funds. This will effectively render you homeless – unless you engage your right of redemption. The Philadelphia home sale redemption offers you a fixed timeframe to pay up all missed mortgage payments as well as extra foreclosure expenses and other outstanding balances. Once these conditions are met, you are able to recover your property successfully.
How to Exercise your Right of Redemption
In Philadelphia, you can file a Chapter 13 Bankruptcy and engage the right of redemption. Bankruptcy judges in this state provide lenient rulings, allowing families to pay off huge debts within 9 months. In some cases, a judge could provide a maximum of 5 years to pay off bad real estate tax debts. However, the Philadelphia home sale redemption doesn’t apply to homes that are sold in mortgage foreclosure sales. It helps to have an experienced bankruptcy attorney by your side when pursuing your right of redemption.
People make some pretty grave mistakes when filing for bankruptcy. Some individuals borrow large amounts of money and incur huge debts before filing for bankruptcy while others repay friends, colleagues and other creditors prior to filing for bankruptcy. It’s important to avoid these common mistakes when filing your tax redemption claim. Bankruptcy attorneys usually come in handy during such scenarios. They have a deep understanding of law and can help you navigate the murky waters with ease. Most people avoid getting the legal help they need in an attempt to evade costly legal fees. Sadly, this tactic usually backfires and potentially leads to unfavorable judgments in court.
Good knowledge to have and hopefully we will never need it.