Maine Municipal Tax Collectors' & Treasurers' Association
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Posted by Scott Gesuldi, Standish, September 9, 2008:What is the consensus of Finance people of accepting partial payments for tax acquired property?  Does this constitute a payment plan?  Even though its not an even monthly payment it now becomes at least 2 payments to fully pay the taxes.  Any advise would be appreciated.  Thanks

Responses:

We do not accept partial payments unless they are part of a payment plan.

Our Council adopted a tax acquired property policy in the 90's that requires all owners to seek a loan to pay us in full. If they're not approved we require proof of their denial. If they don't qualify for the loan, and the home is their principal residence, we have them enter into an installment repurchase plan. The balance owed includes all taxes due and assessed. We actually use HUD guidelines and require all proof of income and tax returns.  We require a payment that is equal to 30% of monthly income.   If they miss 3 payments we turn the file over to the City Council and they decide whether to sell the property or to allow the owner to sell and pay us from the proceeds. At this time we have 2 properties in foreclosure with the owners repaying us monthly.  We average 0-1 foreclosures yearly.   (Sue Borelli, South Portland)