patrick.net

Let me get this straight... if you fail to pay property tax, then they can take your home? ... even after you have paid the deposit and entire mortgage all these years?...

if so, then it sounds like a bad deal for where we live out Eastern US

out here, average property tax is $8,500 + $1,500 for property insurance on a average 250K house...
rent on a 2 bedroom is $1800.00 per month and includes heating ...
so for a 250K house that is 10K per year or 833.00 per month in property tax + prop ins. and 638.00 in interest = $1471.00 (mlcalc.com)

ohhh... there's heating $3K per year = 250.00 p/m + $1,471 = $1,721 p/m
that is money you will never see again... just like the $1,800.00 p/m for rent...
that does not include the 20% down payment and the rest of the principle...

This all came about after a terrible experience looking at short-sale homes this weekend and listening to one guy tell me how the banks shut him down after he paid and after he became disabled. The other short sale house I saw was trashed to no end after they got evicted. So if you can miss a payment toward the end of your mortgage or miss property tax and banks like BOA and Wells Fargo will simply play hardball with you and kick you out...

it is very sad out there for 65% of homes for sale are short-sales where the house is worth a lot less than the remaining mortgage balance!

#housing