It’s tough times and many people are not paying their property taxes hoping next month or next year will be financially better at which point they can catch up. Well these tough financial times, call for drastic measures which banks are now taking.
Any unpaid property taxes become delinquent after June 30. The county will assess a $30 redemption fee in addition to 1.5% interest PER MONTH until paid. If you property taxes are not paid for 5 years, the county has the power to sell your property at public auction.
To make matter worse, one of the stipulations of your mortgage deed of trust requires you to keep your property taxes up to date otherwise foreclosure will be triggered. With a growing number of mortgage delinquencies, there are also a growing number of tax delinquencies. Banks are now regularly monitoring outstanding tax bills and PAYING THEM. My experience has been that at approx. 2 years of delinquency lenders will pay the outstanding bill.
What does this mean for you? Your lender pays the taxes, and then adds them to you monthly mortgage payment in addition to collecting up to 1 year of future property installments.
Example: Your property taxes are $6,000 per year. You are 1 year delinquent. Your lender will take 1 year of $6,000 in delinquent taxes and add 1 year of $6,000 in futures taxes = $12,000 adding them to your monthly mortgage bill over the next 12 months. $12,000 divided by 12 months is $1,000 that will be added to your monthly mortgage payment for the next year.
If you’re having trouble paying your taxes, contact your local Tax Collector or lender for help.
Santa Clara County Tax Collector’s Office
70 West Hedding Street
East Wing, 6th Floor
San Jose, CA 95110
PH: (408) 808-7900 (408) 808-7900
Email: scctax@tax.sccgov.org
Call me today! I may be able to help you save some money. Nidia Nuristani, (408) 836-2457, nidia@hbrealtyinc.com.
Wednesday, April 4, 2012
Tuesday, March 13, 2012
Three Folsom Attorneys Arrested In Alleged Loan Modification Scam
Many people are convinced that an attorney is the way to go when trying to avoid foreclosure. But I’m here to tell you that YOU, YOURSELF can negotiate a loan modification directly with your lender at NO COST! Also, it is illegal to collect money UPFRONT for foreclosure services BEFORE they are performed. Be very cautious!!
If you, or anyone you know, is having a hardship which is making it difficult to pay the mortgage and are in need of relief, please pass along my information. I can provide helpful tips to obtain a success loan modification. If you’re already been denied, I can help you avoid foreclosure via a short sale. Call me for more information. Nidia Nuristani (408) 836-2457, nidia@hbrealtyinc.com
http://sacramento.cbslocal.com/2012/03/08/three-attorneys-arrested-in-sacramento-area-loan-modification-scam/#.T14cog12OLE.email
If you, or anyone you know, is having a hardship which is making it difficult to pay the mortgage and are in need of relief, please pass along my information. I can provide helpful tips to obtain a success loan modification. If you’re already been denied, I can help you avoid foreclosure via a short sale. Call me for more information. Nidia Nuristani (408) 836-2457, nidia@hbrealtyinc.com
http://sacramento.cbslocal.com/2012/03/08/three-attorneys-arrested-in-sacramento-area-loan-modification-scam/#.T14cog12OLE.email
Friday, February 10, 2012
California Foreclosure Fraud Settlement. Do YOU Qualify For Benefits?
The Attorney General has obtained a settlement from 5 different lenders; Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial formerly GMAC.
“Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement”. To find out if your loan is owned by Fannie or Freddie, click here: http://www.fanniemae.com/loanlookup/ and https://ww3.freddiemac.com/corporate/
Contact your bank to find out if you qualify for relief.
Some of the benefits include: payment to people that were erroneously foreclosed on; reduction of principal balances; eligibility to refinance; pre-approval to short sell, and relocation assistance. You can begin speaking to your lender now, but it will take time, as the commitment period is 3 years. If you’ve already been foreclosed between Jan 1, 2008 – December 31, 2011, you may be entitled to some cash.
Some of the benefits include: payment to people that were erroneously foreclosed on; reduction of principal balances; eligibility to refinance; pre-approval to short sell, and relocation assistance. You can begin speaking to your lender now, but it will take time, as the commitment period is 3 years. If you’ve already been foreclosed between Jan 1, 2008 – December 31, 2011, you may be entitled to some cash.
Do you qualify for a refinance?
1) Your mortgage MUST BE SERVICED AND OWNED by one of the aforementioned lenders. our mortgage must be serviced and owned by one of lenders in the settlement.
2) Your mortgage payments must be current.
3) You must be underwater with an interest rate of 5.25% or higher.
4) No VA loans, FHA loans, manufactured homes.
5) No bankruptcies in the last 2 years.
How does one qualify for a principal reduction?
1) The value of your home MUST BE less than principal balance.
2) You MUST have missed a payment.
Feel free to call or email me with any questions: Nidia Nuristani (408) 836-2457, nidia@hbrealtyinc.com
Wednesday, February 1, 2012
Thursday, October 13, 2011
Are You Paying Too Much In Property Taxes?
Are You Paying Too Much In Property Taxes? From 2005 to 2009 property taxes have increased by as much as 20%. Unfortunately, property values don't seem to share that same trend.
It’s important to check our yearly tax bill and determine what new assessments, if any, have been made and why? In some areas, homes values are reassessed yearly, but not necessary correctly. They are done by using recent sale comparables or even aerial shots to see if your home may have additional improvements such as a pool or deck. So many times many details are ignored or go unseen. It’s not fair that my house gets assessed at the same price of my neighbors when they have a completely remodeled kitchen and a finished basement and I have an original kitchen and an unfinished basement. Furthermore, I’ve seen time and time again, with new construction especially, the assessor has the incorrect information of the home. I had a client that was paying taxes on a 3,500 sq ft home with 4 bathrooms, when her home was only 2,500 sq ft with 2.5 bathrooms. Talk about oversight!
It’s really up to us as home owners and tax payers to monitor and even challenge the value in our home if we feel the assessor’s office is incorrect. That said, here are things we can do to1. Check your assessment when it first arrives as you typically only have 30 days to challenge it.
2. If you feel the value is incorrect, call the assessor’s office to ensure they have correct information of your home. (i.e. square feet, bedrooms, bathrooms, updates)
3. If they have the correct data, but you still feel they’ve over valued the home and are not giving any weight to this slug economy, you can submit comparables which can be prepare by a local realtor. You may even consider hiring a professional appraiser in your area. www.appraisalinstitute.org
For more questions, concerns, or a FREE comparable market analysis of your home, don’t hesitate to give me a call.
Nidia Nursitani (408) 836-2457
Thursday, September 8, 2011
Able to Pay, But Walking Away?!?!
CNN has posted a very controversial video; “Able to Pay, But Walking Away”. Many people are able to pay their mortgage at the sacrifice of other “necessities” in life. Are you willing to sacrifice saving for retirement, children’s college education, or a simple family night out at the movies? Is it the right thing to do to continue to pay your mortgage, but forego all the aforementioned? Many people will say yes. But only you know what’s right for you. Take a look at this video.
If you have any questions with regards to a loan modification of a short sale, please call Nidia Nuristani (408) 836-2457. I’m here to help!
If you have any questions with regards to a loan modification of a short sale, please call Nidia Nuristani (408) 836-2457. I’m here to help!
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