Sunday, January 8, 2012
Will my wages be garnished for property tax and default on mortgage?
Any experts, mortgage for closures, real estate, as i have heard several different answers, opposite answers from Realtors. In Michigan, i have tried to sell my home for 6 years. All payments and taxes have been paid on time. Each month the home falls in value and its value now is about 50% of what it use to be. If it does sell, I would need to bring to closing more than $400,000, that would include Realtor fees, because I owe much more than it is worth now. I do not have any of the $400,000 needed to bring to a closing. Only what I could borrow without collateral. I have a little money in a 401K, and that is it. I am paying living expenses for the family, costs to run the home etc. and bills from a previous business from a failed Michigan industry. I do not qualify for a bank short sale being told I cannot be approved for a short sale because of my income. The house is in need of much repair, so effects much including family health. When it sells, it will sell for land value. I do not have the money to fix it, so it cannot be leased out. I was also told by realtors not to put any money in the house even if possible, (which at this time is not possible) because of the falling prices and will only sell for land value in the end anyway. The taxes are approx. $20,000 a year and was told they will not be lowered, even though the home is worth land value, the city does not count it that way. If I find a home that is livable for my family, and start paying for that home, with a lease or what have you, - sellers in Michigan will do pretty much anything to sell, because their homes have been for sale for so long now, or even if we live in an apartment. If I find a place for my family that is livable and pay for those living expenses and then If I stop paying the mortgage on the current home, and stop paying property tax, will my wages be garnished for the unpaid mortgage? Will my wages be garnished for unpaid property taxes? What happens to the unpaid property taxes? If so, for either, is there a number of years that my wages will be garnished? or forever? Are the penalties and interested added on? Will there be any allowance for the new mortgage or apartment fees that I would be paying for my family to live in? I've tried to sell for several years, but now the value has dropped enough and the state of the home is not acceptable to live in and getting worse over the years along with family health. We need to move, but I don't know how to when I do not have the money to bring to a closing to sell and not accepted as a short sale canidate. I am open to hearing any solutions.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment