Pay Off Your Back Taxes by Selling Your Home for Cash
Although paying off IRS debt can be a burden, things will only get worse if you neglect your financial obligations.
It might be time to put your home on the market if your mortgage and back taxes consume a significant portion of your monthly income. Selling your house as-is is one of the easiest ways to accomplish this.
Companies in Phoenix, Arizona, like Doug Hopkins, can buy your house quickly — usually within 24 hours.
At open house events, you won’t have to worry about interacting with realtors, spending money on repairs, or entertaining strangers. Continue reading to learn how this action might help you out of your financial bind.
How Do Back Taxes Work?
Back taxes are money you owe the IRS because you failed to pay your taxes on time or paid them in part. They continue to accrue significant interest and penalties if you don’t make your payments on time.
If you fail to pay back taxes, the IRS may file a lawsuit against you. This lawsuit may result in jail time, wage garnishments, or tax liens.
The 0.5% penalty for late filing is renewed each month until you pay your back taxes in full or reach 25% of your debt. Additionally, the IRS will charge you 3% interest per quarter on the outstanding balance.
The consequences of unpaid back taxes can be severe even without imprisonment. Your home, assets, investment accounts, and other property may be seized by the government by the IRS’s decision. They won’t think twice about taking everything you own and selling it to cover your debt. It’s best to think through all of your options, including selling your property to Doug Hopkins for quick cash, to prevent such situations.
Sell my Phoenix, Arizona, home with back taxes
How Can Trapped Equity Be Released?
According to statistics on homeowner equity, over $3.2 trillion was added to the equity of all mortgaged U.S. homeowners between the third quarter of 2020 and the same quarter in 2021.
When you sell your home, you can also access the equity you’ve built up there; the proceeds can be used to cover your most important costs.
You own a portion of your house, which is represented by your trapped equity. Subtract the appraised value of your home from the balance of your mortgage to get the exact amount.
For instance, if the value of your home is $375,000 and your mortgage balance is $100,000, you have $275,000 in equity.
Your property can be sold to release the trapped equity. If you sell your house for enough money, you’ll have enough money left over to pay your back taxes and even buy a new house.
Call Doug Hopkins at 602-567-1505 right away for more details on how to access the equity in your house.
Get Cash Quickly
The experts at Doug Hopkins can assist you in getting cash quickly in three simple steps if you’re ready to release the trapped equity in your property.
Phoenix house for sale quickly
Step 1: Provide Your Home Information
Requesting an offer is the first step to receiving your money. Don’t worry; it only takes a few minutes to complete this. To begin, you simply need to divulge the following details:
- Name Contact Information Email Address
- Road address
- State and city ZIP codes
- Within a day, you will receive an offer.
- Receive a no-obligation offer in step two.
The offer you will receive is being made “as is.” Nothing will need to be fixed, cleaned, or staged, and there are no costs involved. You are free to take or leave the offer.
Sell your house
When you accept the offer, your house is sold right away. The Doug Hopkins team will handle every aspect of the “sell my house fast” procedure, allowing you to concentrate on making your next move.
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