Upside down in Texas

jjjjjjjjjmendoza · Joined: 02 Oct 2007 Posts: 1 1.55 Dollars($)

I was told that Texas law states that if you can show that you were duped into buying a house or loan, that you can defer payment on a 100% mortgage until the mortgage company agrees to the lower value of the home, is this the law?

evolovik26 · Posted: Tue Oct 02, 2007 6:33 pm Post subject:

Talk to a local real estate attorney

sara · Posted: Tue Oct 02, 2007 10:06 pm Post subject: RE: defer tax and loan payments

Hi Mendoza,

Welcome to the forums.

As much as I know, the Texas Law allows homeowners aged 65 or above to defer payment of property taxes on their homestead residence until he no longer owns or stays in the home. During the deferral period, the property taxes accrue and are assessed at the interest rate of 8% per annum. So, you aren't eliminating taxes but actually paying it later on.

However, the property taxes and the interest accruing on it are payable entirely when the homeowner passes away or abandons or sells the property. Apart from this, even if the mortgage company allows for a deferral, it should be in accordance with the terms and conditions of the mortgage.

Take Care

Guest 0.10 Dollars($)

Hi,

If you have the right reason, the mortgage company might allow you to defer the payments for a maximum period of 6 months but this time limit varies from place to place. You can go for the interest only option till the time your company agrees to the lower value of your house.

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