Archive for the ‘Property Tax Appeals’ Category

What Happens During a Foreclosure?

Foreclosure is the term used to describe what happens to a property when the borrower who purchased it fails to make payments on the loan that they agreed to.  In the majority of home and commercial sales, a person who is considered the owner is — in fact — only a borrower. They have paid a percentage of the home’s value and agreed to pay the balance over a period of time to a lender. This agreement is what is known as a mortgage. The goal of having a mortgage is to allow people to acquire a piece of property over an agreed-upon period of time: they pay a small percentage up front and the bank or other lender provides the balance of the acquisition price. They then pay back an agreed-upon amount (comprised of payment and interest) on a regular basis, slowly acquiring a greater percentage of ownership (equity) until their loan is paid off.

Unfortunately, things don’t always go according to plan, and if the borrower is unable or unwilling to make the payments as agreed upon, the lender will eventually begin the foreclosure process to take possession of the property. This process consists of five basic steps:

  • The first step in the foreclosure process is the borrower’s failure to make the agreed-upon payments. If the issue is financial, it is a good idea to discuss your situation with the lender, as in most cases they would prefer to resolve the problem rather than have to foreclose on the property.
  • The second step is the posting of a public notice that the mortgage is in default and in danger of foreclosure. This may be posted on the property’s front door or simply listed with the County Recorder’s Office.
  • The third stage is a grace period, or pre-foreclosure. This occurs after the Notice of Default and allows the borrower between one and four months to come up with a plan to resolve the issue. This may be a revised payment plan, a short sale, or finding a way to pay back the money that is in default.
  • The fourth stage is the auctioning off of the property if there has been no resolution during pre-foreclosure. The lender will set a date for the auction and publish it, as well as recording it with the County Recorder’s Office. In many cases, the borrower will have the right to stop the process by paying off their outstanding payments up until the time that the auction begins. Failing this, the property is sold to the highest cash bidder, the lender may buy it back itself, or the lender may offer the borrower a deed in lieu of foreclosure, which is an agreement that resolves the issue.
  • The final stage is called post-foreclosure. This may consist of the property going to a third party, back to the original borrower or staying in the possession of the lender. The last of these is what’s known as a property being real estate owned, and usually results in the property being resold within a short period of time.

Foreclosure is a challenge, but it is not always a foregone conclusion. If you face the loss of a property, we can help. Contact us today to explore the legal options available to you.

South Jersey Property Tax Appeals – Deadline To File is April 1st!

The window for filing for a New Jersey property tax appeal is a short one – the process is only available between February 1st and April 1st.

If you live in Gloucester Township, Washington Township, or anywhere else in the South Jersey area, then it is very likely that you are paying inordinately high property taxes. Homeowners in New Jersey pay the highest property taxes of any state in the country, and in some counties the taxation runs more than two times the national average. With Gloucester County’s tax rates running at a representative 2.672% and the numbers expected to continue rising incrementally, it is increasingly important that your home’s value is assessed with some degree of accuracy – otherwise, you end up paying even more than you should.

Though there’s little that you can do about reducing your tax rate, you can take action and petition for a reappraisal when you think the assessed value is too high – and David Reinherz of Reinherz Law is uniquely qualified to help you with the process. He is not only an esteemed attorney; he is also a New Jersey property owner who holds a realtor license. He is able to offer valuations of the home as part of his service, as well as the benefit of his own experience in having filed multiple successful property tax appeals on his own behalf, as well as for his clients. If you are interested in pursuing a property tax appeal and want to give yourself the benefit of knowledge and experience, contact the office today.

The goal of filing an appeal is a simple one – to have a home that has been over-assessed reappraised so that you can reduce your tax burden. Though you can file a property tax appeal on your own, the application process can be complex and is deadline sensitive, with different counties having different filing requirements. Having a knowledgeable attorney with extensive experience in the appeals process can make a world of difference in whether you are successful in your attempt to get your home assessment reduced, and lower the amount of tax that you owe.

When David Reinherz representing your property tax appeal, you gain the confidence of working with somebody who knows all of the ins and outs of the filing process. He will assist you in gathering comparable sales in your neighborhood to use in support of your appeal, ensuring that the properties that you include in your petition fall within the appropriate framework and are acceptable to the assessor’s office. He will also prepare a personalized letter that explains and justifies the appeal, and represent you at the scheduled hearing, ensuring that all appropriate evidence is filed within the appropriate time frame.

In many cases, where the filing process is done correctly and the information provided is comprehensive, the tax assessor will offer a settlement before you ever need a hearing, and the likelihood of this happening is greatly enhanced by having an experienced attorney acting as your advocate.

To learn more about how we can help, call our office at your earliest convenience, as the window of opportunity is extremely brief. Or you can fill out our South Jersey Property Tax Appeal Form here.


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