What is a deferral, and how do I qualify for one? What is the difference between a settlement and a deferral?
A deferral is similar to a settlement except it incorporates an extended payment program rather than a one time payment in full of the balance due.
The qualifications for deferral programs are essentially the same as for a settlement.
Deferral plans must be re-approved annually and are based upon making your agreed-upon payments as well as keeping all subsequent taxes current (no new delinquencies).
Deferral plans are usually granted only for owner-occupied residences certified for final tax sale.
