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Defending the property tax loan industry

This article was originally published by the Houston Chronicle.

By Red McCombs
March 11, 2013

I opened my first car dealership at age 25, and I’ve been blessed over the last 60 years to be part of many more entrepreneurial ventures. One business I’m particularly proud to have helped start is Propel Financial Services, which provides property tax loans to home and business owners in Texas.

In a property tax loan, also known as a tax lien transfer, a property owner authorizes a third-party like Propel to pay his or her property taxes. The property owner may need a little help paying because of a short-term financial difficulty like unexpected medical bills or a child’s college tuition. Propel then pays the full amount due directly to the tax-collecting entity, and the tax lien is transferred to the company. The property owner then works out a flexible payment schedule with Propel.

For example, there’s a couple in Fort Worth who are both school teachers. The husband had three surgeries, and his wife had one, leaving them with a pile of hospital bills. This temporary difficulty made it tough for them to pay their annual property tax obligation, but through a property tax loan, they were able to keep their family in their home and pay off the tax burden in a more manageable timeframe that allowed their bodies and their bank accounts to heal. And there are 15,000 Texans just like them who take advantage of this service each year.

Of course, property tax loans are great for property owners who are able to take advantage of an alternative method of paying their property tax bills, but they’re also great for our local governments, because these transfers result in the instant collection of revenue that funds important public services such as schools and public safety. In fact, $500 million in Texas property tax revenues have been funded through property tax loans in the last three years alone. And the tax assessors also realize property tax loans keep property owners in their homes, which also helps local governments.

There are about 70 other homegrown businesses like Propel around our state that provide property owners with this flexible, affordable solution. But now, some banks and collection law firms want to shut down the industry through legislative changes, such as changing the lien priority of these property tax loans. It may not sound like much, but that one change would effectively kill the entire industry, eliminating this option for Texas property owners and taking those 70 businesses and the jobs they sustain with it.

Why is that? Well, it’s because this industry couldn’t exist without the priority lien position. No one will provide financing for these delinquent property tax loans without it. I never in a thousand years would have funded this business with my hard-earned money without the lien priority. Anyone with a basic understanding of business or credit risk will look at the facts and realize this industry wouldn’t exist without it.

So why do these special interest firms want to take that away? I have no idea, except maybe greed.

We shouldn’t sit back and watch as special interest groups put a bullseye on a valuable industry that’s been an option for property owners for 80 years. And I’m not the only one who feels that way – customers have voiced their opinions, too. Property owners who have worked with Propel have given the company a whopping 98.6 percent satisfaction rating. That’s the highest I’ve ever seen in all my years in business on any product.

This is a service that shouldn’t be shut down by the greed of others. That’s just plain wrong for Texas. I urge our lawmakers to preserve the viability of the property tax loan industry. Let consumers decide who wins and loses in this business.

McCombs is founder of McCombs Enterprises, parent company of Red McCombs‘ auto dealerships and other interests. In 2007, he co-founded Propel Financial Services LLC, which was acquired last year by San Diego-based Encore Capital Group Inc.

What You Can Expect Working with RETax Funding

Paying Dallas County Property TaxesAs tax season approaches, many people are worried about what they are going to do to handle their outstanding property taxes. They struggle with being able to pay them and get back on track with all of their bills. If you are in need of a property tax loan, one of our representatives at RETax Funding will be happy to answer any questions on property tax loan eligibility today. When it comes to your Dallas County property taxes, we work hard to ensure you get the money you need in no time.

Many people are worried about how they are going to afford the loan payments, but we work to make them affordable to the average consumer. We don’t want to see you get into a worse situation than you already are, which is why we work with your individual needs and budget. The affordable monthly payments allow you to free up the money you were going to spend on your taxes and put it into something else you need. You won’t have to worry about scrounging up the rest of the money to pay your debt. Everything is much simpler than you can imagine with a property tax loan.

Not only are our representatives friendly, but they understanding what you are going through and they want to help get you the appointment you need as quickly as possible. You don’t have to worry about losing your home to past due property taxes any longer because we work for you every step of the way. Eliminate all of the hassles, headaches, and stress associated with your tax bill with one simple phone call to our office.

For any questions or concerns you may have, feel free to reach out to us at 877-360-4065. One of our representatives will be happy to speak with you today and help get you back on track to financial freedom. At RETax Funding, we work hard to ensure you don’t have to feel the burden of a huge property tax bill. We want to help you take control of your situation today.

Tax Season is Here! Get the Help You Need with RETax Funding

Help with Property Tax PaymentsSince tax season is already upon us, you need to make sure everything is in order and processed properly. The last thing you want to worry about is whether you missed something important because you were in a rush to get your paperwork completed. Many people are worried about what they are going to do to pay for their property tax loans, but that doesn’t have to be an issue thanks to RETax Funding. Not only will you be able to tackle your Tarrant County property taxes, but you will also be able to relax and rest assured that everything is taken care of for you.

How Property Tax Loans Work

When you get a property tax loan, you will be able to pay off all of your delinquent property taxes. You will not have to worry about being behind any longer because there are options to help rectify your situation and get you back on track. The monthly payments are affordable, so you have nothing to lose and everything to gain.

Approval is a breeze, so you won’t have to stress over an agonizing application and a bunch of fees that are going to put you further into debt. Everything is laid out for you to make the process as efficient, simple, and effortless as possible. Regardless of how small or large your property tax debt is, we can help you get everything caught up and under control in no time.

Help is Available to You

Even though many people are worried what they are going to do to tackle their property tax situation, there is a property tax loan solution for you. If you are having trouble paying property taxes, all you need to do is pick up the phone and call RETax Funding at 877-360-4065 to schedule your appointment today. We will go through everything and explain your options so that you will be able to rest easier in knowing that everything is going to be fine.

Don’t stress; call RETax Funding today!