Pay Off Your Back Taxes by Selling Your Home for Cash
Paying off debt to the IRS may be a challenging burden, but things will only get worse if you ignore your financial duties. If your mortgage and back taxes take a huge chunk of your monthly paycheck, it might be time to put your property on the market. One of the most convenient ways to do this is to sell your home as-is.
Phoenix, Arizona companies like Doug Hopkins can buy your house fast — within 24 hours in most cases. You won’t have to worry about meeting realtors, making expensive repairs, or entertaining strangers at open house events. Read on to discover how this move might save you from your monetary woes.
What Are Back Taxes?
Back taxes are money you owe the IRS for skipping tax payments or making partial ones. If you fail to pay them on time, they keep incurring hefty interest and penalties. The IRS can take legal action against you if you ignore unpaid back taxes, which may include prison time, wage garnishments, or tax liens.
Failing to file your return leads to a 0.5% penalty — which renews every month until you pay your back taxes in full or reach 25% of your debt. The IRS will also charge you 3% quarterly interest for the unpaid amount.
Even without imprisonment, the consequences of unpaid back taxes can be extreme. Depending on the IRS’s decision, the government can seize your home, assets, investment accounts, and so on. They will not hesitate to take and sell everything you own to pay off your debt. It’s best to consider all your options to avoid such scenarios, including selling your property for quick cash to Doug Hopkins.
How Do You Unlock Trapped Equity?
Homeowner equity statistics reveal that U.S. homeowners with mortgages experienced an overall equity increase of over $3.2 trillion from the third quarter of 2020 until the same period in 2021. You can also tap into your home’s equity when you sell your home — the proceeds of which can go to your most critical expenses.
Your trapped equity represents the portion of your home that you own. If you want to compute the exact amount, subtract your home’s appraised value and how much you still owe on your mortgage. For instance, if your home’s value is $375,000 and you owe $100,000 on your mortgage, you have $275,000 equity in your home.
By selling your property, you can unlock this trapped equity. If you get enough cash for your home, you can pay off your back taxes and even have enough left for a new home. Call Doug Hopkins now at 602-567-1505 for more information about accessing your home’s equity.
Get Cash Fast
If you’re ready to unlock your property’s trapped equity, the specialists at Doug Hopkins can help you get cash fast in three easy steps.
Step 1: Enter Your Home Info
The first step to getting your cash is to request an offer. Don’t worry; this process only takes about five minutes. You just need to disclose the following information to get started:
- Phone number
- Email address
- Street address
- ZIP code
You will receive an offer within 24 hours.
Step 2: Receive a No-Obligation Offer
Remember that the offer you will receive is as-is. You won’t have to repair, clean, or stage anything, and you don’t have to pay fees. Feel free to accept or reject the offer.
Step 3: Sell Your Home
When you accept the offer, you sell your home instantly. The Doug Hopkins team will take care of the entire ‘sell my house fast‘ process so you can focus on your next move.
Address Your Debt Today
Back taxes may seem daunting, but it’s best to address them immediately to prevent grave legal consequences. We can help you achieve such a feat even if you’re out of state.
At Doug Hopkins, we buy homes of any size, any condition, or situation. You can sell your home without having to worry about commissions, fees, or other hidden charges.
Are you ready to get your finances back on track? Request an offer now, and we’ll get back to you with a fair proposal in 24 hours.