Note: BCP Real Estate is not a law firm and its employees/owners are not acting as your attorneys. This is provided for educational purposes only and is not legal advice. The following is an illustrative, composite example, not a real client, and any names are fictional. It does not describe or promise any particular outcome.
Meet a man we’ll call Hector. He inherited a share of a tax delinquent property from a relative. The unpaid taxes had piled up for years. Now a lawsuit names him. So Hector feels saddled with a tax delinquent property he never wanted.
At first, the overdue balance scares him. After all, it only seems to grow. But Hector soon learns he does not have to pay it himself.
How Hector left the tax delinquent property behind
Hector owns only his portion of the tax delinquent property. So he does not have to cover the back taxes or keep the place. Instead, a buyer takes over his portion and the taxes. Then his name comes off the lawsuit. Also, he pays nothing out of pocket.
In the end, Hector walked away from the tax delinquent property for good. He owed nothing afterward. Now he carries no liability for the property or the taxes.
What this story shows:
A tax delinquent property you inherited can put your name on a lawsuit, yet you do not have to pay the back taxes.
A buyer takes the property and the taxes and removes your name, with no cost out of pocket.
If you want to be bought out of the lawsuit and have your name removed, no cost to you, call or text us at (469) 708-8003 today.
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