Loan
Information
Loan Qualifications:
- Your property
must have a CAD appraisal of at least $50,000. The CAD appraisal
value is usually located on your tax bill or you can call your
tax office to get this information.
- The loan
to property value ratio must be at least a 5 to 1 ratio. For example,
if you owe $10,000 in delinquent property taxes, your property
must have a CAD appraisal of at least $50,000.
- The property
owner(s) qualifying for the loan must be between the ages of 18
and 65 years old.
- The property
owner(s) qualifying for the loan must be named as title holder(s)
of the property in the Deed of Record.
- The property
owner may not currently be involved in bankruptcy procedures.
- The
property must be clear of any IRS lien filed on it.
- Property
can not be a Mobile Home
Loan Procedure:
If the property
owner meets the qualifications above, these are the steps necessary
to complete the loan process.
- Genesis will
verify all delinquent property tax amounts and prepare loan documents
to be sent by mail to the property owner(s). This procedure usually
takes between 5 and 7 business days.
- The property
owner(s) must review and execute the loan documentation and return
it to Genesis.
- Genesis will
prepare and pay off all the delinquent property taxes owed. Subsequently
the taxing entities will transfer the current tax lien to Genesis
Tax Loan Services.
- Genesis will
mail a copy of all receipts to the property owner(s).
- The property
owner(s) will receive a monthly statement in the mail and will
make all payments to the First National Acceptance Company, who
will service the loan note.
Loan Details:
Term - up
to 7 years with no prepayment penalty. This allows the taxpayer
the flexibility to manage their money with a low minimum monthly
payment, pay additional principle or pay the loan off at any time.
Interest
Rate - 18% APR simple interest note. No escalating interest
or penalties to worry about.
Cost of Loan
- as little as $597.00 includes legal documentation fee, loan setup fee,
title search, courthouse recording fees, and execution fees. This
cost is added to the loan note so the property owner(s) have no
out of pocket expense.
If you meet
the qualifications, have any questions or would like to start the
loan process, please contact our office at 1-888-292-2167.
Thank you for
your interest. We hope to hear from you soon!
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