Home Property Value and Taxes

Question

Since, the housing market has been declining, my mother's home was purchased for about 430K in 2004, she refi twice, struggling to pay now, under pre pay penatly until Sept. 2009, owes more than the house is worth, WHAT CAN BE DONE?

There are lots of houses up for sale in our neighborhood from low 345K!!... Is it possible to get a property tax reduction? or home price reduction?

Answer 1

Unfortunately, not much.  First stop refinancing.  That's just adding closing costs and doing appraisals that don't mean much right now.  She may be eligible for a property tax reduction if she meets the local and county requirements.  I would see what the assessed value of the home is as it could help the tax burden that your mom is facing but remember that the counties are tying to keep as much tax money as possible.  I would also call the mtg company to see what can be done, good luck