Is forclosure my only option. I put the house up for sale about 5 months ago and no offers yet. Payment goes up to $3338 on 1/1/08. If I move out by 1/1/08 do I just call my mortgage co. and tell them that I am foreclosing? Please help? I know nothing about the forclosure process.
2007-12-03 04:53:50 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can petition the county/city to come back out to your house and re-appraise it. They like to over-appraise houses for way more than they are worth so they can charge you lots of tax. The only thing you can do is fight it, or hope your house sells.
If you stop paying your mortgage and the bank forecloses on you, you are still responsible for the difference in the loan between what they sell the house for and what you owe on the note.
2007-12-03 05:08:18 · answer #1 · answered by Tracker 6 · 0⤊ 1⤋
Mortgage holders don't like to sell houses! Call them and see if you can work out some kind of arrangement with them. I have heard of people living in a house for a year without paying a payment...not saying you should do that, but it just proves that mortgage companies are not Realtors! I would also do as suggested and get a hold of the tax office and find out why your taxes went up so high. Around here, if the building isn't secured it isn't taxable. I caught my tax office trying to asses my shed which is just setting on asphalt! It doesn't hurt to check on others to make sure there were no mistakes made...we are after all...human! Good luck with this.
2007-12-03 05:20:09 · answer #2 · answered by suzb49 6 · 0⤊ 0⤋
$500 a MONTH!!!! Geez!!!!!! became the upward push specifically a value boost, or an boost on your assessment? If it is your assessment, you may attraction it and except you extra something considerable, could be waiting to a minimum of get it shrink decrease back. How lots ARE your taxes besides? in case you have have been given a multimillion dollar mansion and further a pair million dollar wing, you may only be out of success. yet different than that, you might have a combating possibility! Are you particular this became a sources tax boost, and not a value boost through an ARM adjusting?
2016-11-13 09:21:16 · answer #3 · answered by ? 4 · 0⤊ 0⤋
That payment increase isn't due to 'taxes'. You must have an adjustable rate mortgage on which the interest rate changed substantially. A $1000/month increase due to taxes would mean that your property tax went up $12,000 a year, which is highly unlikely.
Contact the loss mitigation department of your lender and inquire about a 'deed in lieu', which is similar to foreclosure, except that you move out and turn ownership back to the lender without legal foreclosure actions.
2007-12-03 05:50:33 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
Talk to your bank first and find out what kind of help they are offering. Understand they don't want your house, they want the money.
Check with your local and state government to find any programs they are running to help you. I am sure they can at least point you to an non-profit org to help advise you.
Also talk to your Home owner association, if you have one, any of your neighborhood community groups. I had heard stories about home owners associations buying houses in their area to prevent foreclosures.
Contact your local real estate investor association called a REIA. You can search for them online. Ask them for a short sale investor.
At worst, if it still look as if you are going to lose your home to the bank, you can ask the bank to take the house back. Doing this is only a little better than going into foreclosure. Both will kill your credit score. Talk to a professional first before making the offer.
2007-12-03 05:22:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
your mortgage should be slightly less then 1% of the cost of your house a month. your property tax should equal 1 mortgage payment in a year.
example;
if house = $250,000
then mortgage = $2500 month or less.
propery tax should be $2500 once a year
or divided by 12 for each month, about $200.
look at your loan contract for the terms.
I think there something fishy going on.
you may need to see a lawyer who specializes in
real estate law.
2007-12-03 05:09:54 · answer #6 · answered by Brad456 5 · 0⤊ 0⤋
if you foreclose your still responsible for paying for the house. ( what the don't get when they sell). You might try refinancing or calling the mortgage company to make arrangements on the payment. You have about 6months after the foreclosure process starts to move out. You might also try talking to the county about lowering your taxes.
2007-12-03 05:02:49 · answer #7 · answered by amt 4 · 0⤊ 1⤋
I life, you can only pay what you have coming in (pay check). I'm going to bail out. It just don't make any sence to me, paying more money to banks/mortgage companys, when your having a hard time as it is. I talked it over with my mortgage company, and they said they can't do nothing because equity isn't there. Your in the same boat as thousands of people.
2007-12-03 05:10:55 · answer #8 · answered by Tim Cowan 1 · 0⤊ 1⤋
Sad to say even if you forclose you still owe whatever the bank does not recover. You can try talking to your tax athority maybe they made an error in your tax bill. Try that first if not Good Luck I have the feeling many more will be in this spot when we start having higher tax bills to pay off the defecit
2007-12-03 05:06:11 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Your taxes went up 12,000 per year???
I think you should check that out because that seems really weird.
2007-12-03 05:42:10 · answer #10 · answered by Anonymous · 0⤊ 0⤋