I got myself in trouble with the house I inherited. I'm behind on the awful taxes here in NY and I'm trying to prevent foreclosure, hard to admit this, but it is what it is.

Prayin' that this situation gets righted soon!!

Are you living in the house, renting it out, or is it unoccupied?

To confirm, this is an inherited property with a mortgage (in your name, not the estate) and you're delinquent on property taxes, correct? Also you indicated to prevent foreclosure, so you're delinquent on mortgage payments, or no?

Sorry to hear, do what you gotta do.

With the Gov’t, they have a way of burying one with penalties & interest.

I owe nothing for the house, other than taxes. Rented it too cheaply to one of my mom's best friends, because I knew she would take care of it, which she has. Wife an I have decided to rent it more closely to what we should get for a house in the country with a garage.

Wreckdiver

Very sorry to read that. Be sure to consolidate those ads into ‘one post’ or they will end up getting locked or deleted.

I typically do not encourage anyone to take on debt. However, if doing so permits you to settle the taxes and you can rent it at the appropriate rate and retire the debt, and "pay yourself" after, it is a wise investment.

Otherwise, take the loan, pay the taxes, sell, pay off the loan and invest the money.

If you are able to sell of personal property (firearms etc.) and get the same outcome, then that is better than the loan.

I wish you luck, having been in similar circumstances before, it is no joyride, but "test run" every scenario in your mind, and ask experts for their advice and run the the best option.

It’s hard to wrap my mind around the idea that you rented it for less than taxes and insurance costs you. If it’s a family friend explain and adjust the rent accordingly.

It sounds like you didn’t rent cheap you rented stupid cheap.

You can get out of this, avoid the foreclosure if only so you can sell and come out positive. (Not saying that is the smarter play but you clearly need to up your landlord game). You probably can’t sell stuff out of this problem. Think bigger and more long term.

I lived in central NY (Oneida Co) for one lousy year; 1999. I’d bought a small house. My escrow for the damn property taxes was more than my principle/interest. Something like $3500 a year for a two bedroom little house on a small city lot in 1999 dollars. I’m still bitter.

It is a great time to sell. Is there some reason to hang on to it?

How much are we talking? No question about it, I’ll gladly chuck a C or two in.

quote:

Originally posted by wreckdiver:
I owe nothing for the house, other than taxes. Rented it too cheaply to one of my mom's best friends, because I knew she would take care of it, which she has.

Which is a nice gesture towards her and good for you--as far as that goes, but are we to understand you rented it for less than taxes + homeowner's insurance? (Speaking of which: Does said insurance have coverage for renting the covered property out?)

What about the costs of upkeep repairs and normal maintenance?

quote:

Originally posted by wreckdiver:
Wife an I have decided to rent it more closely to what we should get for a house in the country with a garage.

Probably wise, but now the question is: Have you ever rented-out properties, been a landlord, before? If not: I have to tell you: From the horror stories I've heard from those I know who have, I wouldn't do it for love nor money.

When you get good renters it can be fine. Get bad renters and it can be a never-ending nightmare. Probably even more so in a blue state like NY.

quote:

Originally posted by mark123:
How much are we talking? No question about it, I’ll gladly chuck a C or two in.

I haven't been posting for long time, as I'm trying to minimize my digital footprint these days, so many may have forgotten me, but I'm still here every day.
I'll second mark123 and gladly contribute whatever I can.
We've done it before and I'm sure we can do it again.

quote:

Originally posted by rangemaster:
Something like $3500 a year for a two bedroom little house on a small city lot in 1999 dollars. I’m still bitter.

Come to Loudoun County.

My property, a 1 bedroom 900 ft2 frame house built 75 years ago is allegedly worth $285K.

Not counting the 1/2 acre lot. That is an additional $230K.

My property taxes are around $5000 per year.

quote:

Originally posted by ensigmatic:

quote:

Originally posted by wreckdiver:
I owe nothing for the house, other than taxes. Rented it too cheaply to one of my mom's best friends, because I knew she would take care of it, which she has.

Which is a nice gesture towards her and good for you--as far as that goes, but are we to understand you rented it for less than taxes + homeowner's insurance? (Speaking of which: Does said insurance have coverage for renting the covered property out?)

What about the costs of upkeep repairs and normal maintenance?

quote:

Originally posted by wreckdiver:
Wife an I have decided to rent it more closely to what we should get for a house in the country with a garage.

Probably wise, but now the question is: Have you ever rented-out properties, been a landlord, before? If not: I have to tell you: From the horror stories I've heard from those I know who have, I wouldn't do it for love nor money.

When you get good renters it can be fine. Get bad renters and it can be a never-ending nightmare. Probably even more so in a blue state like NY.

We now have 4 rental properties, I could tell you horror stories. Here's one: Tenants were behind on rent, so we did the eviction thing. Went in after they left and saw the little buttons all over the ceilings. While cleaning it out, I found one in a storage area that had what the others were holding! You know those ribbon fly traps they used to have in barns? That what they were. This was a couple, recommended by a good customer (their daughter and her boyfriend) Daughter came from good stock, but didn't inherit like tendencies.

We hauled 36 bags (those big black ones from Home Depot) which filled my trailer to the max to the dump. It was the worst we have had in 34 years!! So you can see why am gun-shy on finding new tenants.

We plan to sell our house, and the duplex behind it in 5 years, moving into my parents house for retirement, so keeping it nice is of the utmost importance!!

quote:

Originally posted by mark123:
How much are we talking? No question about it, I’ll gladly chuck a C or two in.

Thanks Mark, but I think I can work my way out of this without charity. Your a good man for the offer!!!!!!!

quote:

Originally posted by wreckdiver:

quote:

Originally posted by mark123:
How much are we talking? No question about it, I’ll gladly chuck a C or two in.

Thanks Mark, but I think I can work my way out of this without charity. Your a good man for the offer!!!!!!!

It's not charity. At sometime in all our lives, we've needed a hand up, not a hand out. Please don't let pride get in the way.

I understand completely. It’s a shitty situation, you’ll pull through.

quote:

Originally posted by ulsterman:

quote:

Originally posted by wreckdiver:

quote:

Originally posted by mark123:
How much are we talking? No question about it, I’ll gladly chuck a C or two in.

Thanks Mark, but I think I can work my way out of this without charity. Your a good man for the offer!!!!!!!

It's not charity. At sometime in all our lives, we've needed a hand up, not a hand out. Please don't let pride get in the way.

Yeah, it’s not charity. It’s sharing. Besides it’s not like you’ve never helped me out in the past.

Got damn property taxes Fucking bloodsuckers. Should be a cap, or do you have kids in school? Ridiculous here now. And I’m in TX.


God bless and best of luck to you.