A local senior no longer has to worry about having to leave her home. She was in danger of losing her Haddonfield home, the one she’s lived in for over 70 years, due to a tax foreclosure. She inherited the house from her mother, who had passed away in 2003. Her mother placed the home in a trust to ensure her daughter would always have a place to live despite having disabilities. However, her daughter’s sources of income – Social Security and her father’ pension, were not enough to keep up with the annual property taxes of $8,500 per year. Her family’s plan to avoid the tax foreclosure was to take out a reverse mortgage that would allow her to keep her home, but due to strict building regulations, she needed to make renovations to bring the home up to state building codes in order to qualify – a costly move that was still far beyond her reach.
But thanks to a crowdfunding initiative set forth by her brother on GoFundMe, as well as the overwhelming response from the public, she was able to raise over $16,160 over a three-month period, surpassing the $14,500 needed for the renovations in the first place. With the renovations made, her future tax and insurance payments are in escrow, allowing her to stay in her home. Her brother took time to thank those in the Haddonfield community, as well as all contributors who helped make the cause a reality, expressing that he and his family are “deeply thankful and appreciative for your wonderful efforts and support.”
This situation reignited the conversation of the cost of property taxes in the state of New Jersey. According to the New Jersey Department of Community Affairs, the average cost of property taxes throughout the state was $8,549 in 2016.
It’s difficult to imagine a situation in which the burden of taxes can cost you your home. But unfortunately, many Americans face tax foreclosure every day. If you or a loved one is facing foreclosure, you need to speak to an experienced real estate lawyer who can discuss your options.
Whether you opt for a short sale, loan modification or reverse mortgage, you want to speak with an attorney before making your next move. Contact the Law Office of Joel R. Spivack today for your consultation, so we can discuss your situation and advise you on your best course of action.