Predatory Home Loans And The Myth Of ‘Free & Clear’ Homeownership
Friday, July 26, 2013
Long Island homeowners still have a lot to fear. Foreclosures are being sped up, residents are losing homes to delinquent property taxes, and many are still seeing their American Dream sabotaged by predatory and exotic mortgage loans.
Even those that weren’t thrown that deep underwater from falling home values could have reverse mortgages without outrageous payoff penalties, and others with adjustable rate mortgage type loans that were enjoying low interest are seeing the spike in rates rocketing their housing payments.
Even those that have no mortgage, and own their homes ‘free and clear’ aren’t exactly out of the woods either. Rising utility bills, insurance costs, and surging property tax bills still require payment to stave off foreclosure.
Many Long Islanders simply may not be able to sell homes today due to being deep underwater, storm damage, clouds on title deeds, and hefty costs of marketing and selling homes. That means hunkering down to weather it out.
However, you can’t just budget based upon what property taxes were last year or this year. Nassau and Suffolk County residents ought to anticipate and be mentally and financially prepared for consistently rising property taxes over the next few years.
That means those eager to hold onto their homesteads need to be proactive about minimizing their tax liability wherever possible. When it comes to property taxes on Long Island, many are already overpaying and are eligible for reductions and even reimbursement for overpaying. By submitting a tax grievance now, and having properties reassessed accurately it can put homeowners ahead of the curve and ensure that they are paying the least amount of tax, as well as not being overcharged. So why wait?