What real help and breaks are there available on mortgages and property tax payments for Long Islanders now?
In the wake of the coronavirus outbreak various types of help have been floated for property owners. Everyone is wise to find out what options are really available to help protect their financial positions, free up cash and keep their properties.
What help is real? What are the dangers of some of these media stories?
The Dangers Of Waiting On Government Help
If you haven’t already caught on, there are so many rules, fine print details and red tape, that actually getting a check from the government for a small business or even as an individual or family is going to be next to impossible for most.
Do not count on any financial aid. If it does come, it will probably be too little, too late.
Do not budget based on anticipated government relief. It could cost you your home and everything else. If you do get it, it will be a nice unexpected bonus to ease the pain.
The Danger Of Deferring Mortgage Payments
If you can truly freeze your mortgage payments for a few months and then pick up again with the same monthly payment, that may help a lot. If those payments are added on to the end of the loan, the worst case is that you won’t pay off your home until a few more months than originally planned.
However, many mortgage lenders and servicers are putting their borrowers in even worse situations. They are doing this with temporary 90 day deferments, but then expecting you pay all of that in one lump sum at the end of that period. If you can’t afford to pay four months of mortgage payments all at once, you’ll end up losing your home to the bank. Be very careful about the deals you take.
The Danger Of Not Paying Property Taxes
Failing to pay your property taxes on time may mean losing your home even faster.
If you are paying monthly through escrows to your mortgage lender, and you defer payments, you are going to be behind on your property taxes too.
It may be wiser to at least pay a modified payment. One that covers your insurance and property taxes, and a small gesture of good faith to your lender.
How To Slash Your Property Tax Bill
It is a shame that regular Long Islanders are being so victimized by the property tax system, while big businesses are getting such huge breaks.
Developers have just secured $52M in tax breaks to build condos overlooking the beach. 1800 Flowers, a billion dollar a year company is trying to hold the county and jobs ransom, in exchange for a $500,000 property tax break and freeze on tax increases. All while homeowners and small investors are being blocked from renting out their properties and creating an income. While they are also facing steep property tax hikes to cover these breaks for big businesses.
The good news is that you can get a legitimate break on your business and home property taxes. A sustainable one. This is by challenging your property tax assessment bill, and getting it lowered. This could save you thousands of dollars this year, and make all the difference in being able to keep your home and income. Get in touch with us today to find out how…