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Upside down in Texas

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jjjjjjjjjmendoza Joined: 02 Oct 2007 Posts: 1 1.55 Dollars($)	Posted: Tue Oct 02, 2007 5:51 pm    Post subject: Upside down in Texas Like 0 Dislike 0 I was told that Texas law states that if you can show that you were duped into buying a house or loan, that you can defer payment on a 100% mortgage until the mortgage company agrees to the lower value of the home, is this the law?
evolovik26 Community Expert Joined: 15 Aug 2007 Posts: 537 Location: Minneapolis 28.93 Dollars($)	Posted: Tue Oct 02, 2007 6:33 pm    Post subject: Like 0 Dislike 0 Talk to a local real estate attorney _________________ Eugene Volovik Home Loan Consultant Countrywide 612-481-3127 Conventional, FHA and Commercial Lending in 48 states
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Tue Oct 02, 2007 10:06 pm    Post subject: RE: defer tax and loan payments Like 0 Dislike 0 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 _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
Michel Guest	Posted: Wed Oct 03, 2007 1:50 am    Post subject: Like 0 Dislike 0 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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