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Not Paying Your Property Taxes, Not a Good Idea

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

property-taxes

“Joe,

I want to thank you again for getting the refinance done for me. I know it wasn’t a lot of revenues for you, but can tell you it meant the world to me.

I can’t believe how stupid I was not paying my property taxes. When I had a mortgage, the taxes were included in the monthly payment. Unfortunately, it got totally out of hand. Never too old to learn a valuable lesson.”

 

I have never kept track of how often I do a refinance for folks that got behind on their property taxes. And I wish I could say it never happened to me… But like the email above, it didn’t happen again.

The interest in the outstanding taxes is a killer. Interest on property taxes and credit cards accumulates in a hurry and can get out of hand fast!

Let me know if I can help you with credit counselingdebt consolidation, or anything else!

 

Originally posted on RightTracFG.com

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Joe, been there done that and learned my lesson!!!

The interest in the outstanding taxes is a killer. Interest on property taxes and credit cards accumulates in a hurry and can get out of hand fast!

Oct 26, 2022 04:36 AM
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

I have had it good for the last 16 years. In 2006, I purchased a new construction condo with a property tax abatement for 25 years. As a result my property taxes in Manhattan are less than $4/month. Granted when the abatement runs out, my taxes will rise massively, but I still have time on the clock before that happens.  When I refinanced about 7 years ago, I had to include the taxes in escrow, which I understand as an across the board policy...but in my individual case, I obviously did not think it would have made a difference.

Oct 26, 2022 09:44 PM