We paid for a residence 3 years ago for 849,000. Yes you did a 0 down with dual loans. Now with all a foreclosures as well as a marketplace a residence is value about 620,000 as well as a residence opposite a travel only sole for 570,000. We have been still profitable a tall skill taxes even yet a residence isnt value which now. we did put a call in to a city to have a skill reassesed. Just wish to know what a options if any have been out there.
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your options are:
sell the house and pay the difference it sells for and what you owe.
wait it out.
if you are able to pay and like the house –keep paying the market will come back at some point
you can fight your taxes, and get them lowered..its a paper chase. you have to go to your county, submit the paperwork w comps, and cross your fingers
when it comes back, simply resubmit the forms…dont change anything, at least thats how it works in Cook County…everyone gets denied the 1st time, you have to fight
and, plan to ride out this crunch for 5 years while values straighten out.
Not many options. Either continue to pay for it- or lose it thru foreclosure. You can’t refinance since you owe more than it’s worth- same with selling. Give it a couple of years & things will be back to normal.
Your best option is to keep making your mortgage payments and wait for housing to turn around – probably several years away.
Keep making the payments on your loans on-time. You are not going to be able to refinance.
Whatever you do make sure not to get a divorce, lose your high-paying jobs, or get injured.
Are you looking to get out of the house all together or just more concerned about the property taxes?
That your property is not worth what you paid for it now is irrelevant to whether or not you continue to make the payments as agreed. The lender(s) gave you $849,000 and you are obliged to repay what you borrowed.
As far as a tax assessment goes, don’t expect miracles there either. If your assessment value is lowered to current market value, the same will happen to all the OTHER properties in your taxing district. As soon as that occurs, your tax rate per thousand of assessed valuation will increase to make up for the expected revenue shortfalls. You don’t have a right to have your property assessed at market value without the same happening for everyone else.
If you want out you might me able to do a short sale.
The real estate market is cyclical, which means, there are ups and downs of course. Conditions will improve, and your home may increase in value but over a long period of time. If you like your home, can make the mortgage, property tax, and insurance payments then your best bet is to ride it out and wait a while. If not, then you will be responsible for the difference between the sales price and your home’s value (plus agents fees and any incentives you might offer a potential buyer).
If you love the house (I’m hoping you did if you shelled out that much $$ for it) then stay in it and keep paying your mortgage. Eventually the market will start to go up again, though it make take 5-10 years for your house to be worth what you owe. If you sell you’ll be in a huge hole.
Your reassessment will help once they get around to it, but you signed papers buying the house for 849K so you should’ve expected taxes at that amount or for them to go up.
Not much more you can do than sit tight and keep paying.