I see everyone saying that property values are going down, and I have no idea if our property is affected or not. If it goes down will a person be notified or do they wait till they get their homeowner's tax statement? If the home is mortgaged do your payments go down even with a fixed rate mortgage? Our homeowner's tax and insurance are calculated into the mortgage payment and pro-rated monthly. Will our monthly payment go down if our home is devalued? (It would be nice if SOME bill went down, but if we lose value in property that we've been paying on for years, that is bad, even though we have no plans to sell and move from here.)
*correction, your mortgage may go down by the amount your property taxes go down, of course divided into 12 months.
Answer by QuinnMae at 11:15 AM on Mar. 26, 2009
The only answer I can give you is one from personal experience. Some friends of mine lost their home. Prior to losing their home 4 other homes in their neighborhood were foreclosed on. The foreclosures made the value of their home drop dramatically because the other houses were auction off at a fraction of their previously estimated value.
Answer by heatherama at 11:13 AM on Mar. 26, 2009
I know that in some states that you can contest the property value on your property taxes. I believe you need some comps to do that. So if homes in your area are losing value and selling for less, that might work in your favor in regards to your property taxes (if you live in a state that allows this). Your mortgage won't go down, unless you happen to be one of those families that can't afford to stay in your house. I believe that under Obama's bailout deal to help homeowners, if you are behind in your payments and are facing foreclosure, you are eligible to renegotiate the terms of your mortgage, this includes the principal owed. This will screw the neighbors that can afford to make their payments, as they are not eligible for this type of renegotiation. So, in essence, it really does cost the middle class more to have Obama in office. If any of my info is wrong, I am sure an anon will be happy to prove me wrong.
Answer by QuinnMae at 11:14 AM on Mar. 26, 2009
Answer by LoriKeet at 11:15 AM on Mar. 26, 2009
Answer by NotPanicking at 11:17 AM on Mar. 26, 2009
Answer by grlygrlz2 at 11:18 AM on Mar. 26, 2009
Answer by yourspecialkid at 11:27 AM on Mar. 26, 2009
Answer by Anonymous at 11:42 AM on Mar. 26, 2009
Answer by kaycee14 at 11:57 AM on Mar. 26, 2009
Answer by stacymomof2 at 12:03 PM on Mar. 26, 2009
Check out some of the top posts today in Groups: