If a tax lien transfer (TLT) with Propel Financial Services sounds like the solution you’ve been looking for, you probably have questions. The FAQ below may answer many of them. If not, don’t hesitate to call one of our consultants.
If I am approved, how soon can I finalize the payment plan and have my taxes paid?
We can close your plan within 1 or 2 days of your initial call. For a residential property, we are legally required to wait 3 days after closing to pay your taxes. We can pay your taxes in as little as 4 days after your initial call. A commercial property’s taxes can be paid much faster and doesn’t require a 3 day waiting period.
What up-front costs do I pay on a Propel payment plan?
None. Our plans minimize monthly payments and eliminate out-of-pocket, up-front costs to you. We finance all costs, such as recording fees, title search expenses, and origination fees, so you pay nothing at closing.
How much are the closing fees?
Fees will vary based on a variety of factors and the complexity of underwriting. Call us to learn more about our current fees.
Can I determine the length of my property tax payment plan?
Yes, your payment plan will run from two to 10 years, depending on the details of the plan. Your plan will be unique to your situation, because we will work with you to develop a plan that best fits your budget and needs.
May I payoff my obligation with Propel before the agreed upon term?
Of course. There are no pre-payment penalties on residential plans. In fact, we encourage you to prepay. It will save you money in interest charges.
Can I get a property tax payment plan if I have a mortgage or an existing loan on my property?
Absolutely. Many of our clients have existing loans on their properties.
Will you foreclose on my property if I miss a payment?
Our goal is the same as yours – avoiding foreclosure. We consider foreclosure the last possible resort. However, if you do not make your payments to us, the law allows us to begin the foreclosure process after we send a notice of default and give you the “opportunity to cure,” which is legalese for paying what you owe.
Will a new lien be placed on my property by Propel?
No. If your taxes are delinquent, then your property already has a lien placed on it by your local taxing authorities. This lien is simply transferred from the tax authority to Propel when we pay your taxes.