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About real estate

I have just a line of
credit on my property I pay
my property taxes myself
and now I’m behind on both
what happens now

Asked on February 26, 2019 under Real Estate Law, Connecticut

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If the line of credit is "secured" by your property, then failure to pay per its terms can result in the lender forclosing on your home. Additionally, the entity to which you own the taxes (i.e. your local town/city) can foreclose on for back taxes owed. What you can try to do is to negoctiate for an extension regarding your ayments. Possible your lender will pwrk with you; typically your town/city will try to arrange a payment plan and may even have the names of government/private entities that can help you.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

First, the home could be foreclosed on by the lender for not paying the line of credit on time.
Second, the home could be taken by the state (the government) for failing to pay property taxes and sold to pay them. 
So unfortunately, you could lose the home due to failing to pay either of these things on time.


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