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Posted: Sun Jan 10, 2010 11:58 am Post subject: What happens if I stop paying my property taxes and mortage
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Owe $350,000. Mtg. pament $2,250 per month; property taxes $15,000 per year.
large home (13 rooms) in an upscale area.
Home looks good from outside, but needs major repairs, such as all new windows, some plumbing and upgrades.
payments are up to date as of Jan. 2010.
Permanent loss of income. Can't continue to make payments or I'll become destitute in a year, with only $2000 SS as income.
Homes in good repair in the area for sale in the $400-500,000 range (some lower) have been on the mkt for over a year and not sold.
I can't pay the mortgage and property taxes any longer.
Bankruptcy, forclosure and poverty-level income are all that is left. I'm 70. |
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 eric1
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Joined: 04 Jan 2009
Posts: 1511
226.89 Dollars($)
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Posted: Sun Jan 10, 2010 1:25 pm Post subject:
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Simple, if you stop paying then find someplace else to live.
Re-visit your listing price. If it has been on the market that long, it is either priced too high or your home is not staged right. Meaning, you have your junk all over the place, it is dirty, needs updating, set up in a way that does not appeal to the majority, etc etc
If you clean up the place and price it just below the other homes in the area, then it should sell.
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