OfflineWhat should we do when the homeowner owes more on the property than the original price payed and more than the assessed value of the home? Is there any way we can help these people?
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Jill and Brian Zifko
Tax Delinquent Property
Posted on: Wed, 07/08/2015 - 14:42
If the homeowner owes more than the house is worth, then generally it's a short sale that has to be aproved by the bank. My understanding is that there's not a lot of potential for making money off it as a third party. You can refer the homeowner to seek the appropriate paperwork, and generally the bank would handle it from there.
Your post states "tax delinquent" however - in general the taxes would never be more than the house is worth, because the town would put it up for tax sale long before it got to that point - usually only 2-3 years past due depending on the town.
Hope that helps and good luck!
- Tom
Thanks Tom. That does help. It seems we are running into this problem a lot where people owe more than the value of the home. I just wasn't sure if there was anyway to make money on homes like this.
Jill and Brian Zifko