[UCGal]

[quote=nostradamus]13. Property taxes are going up.

link[/quote]

As I commented in another thread that you posted this… Why is this news? The way Prop 13 works, taxes go up around 2% every year. Even when property values go up 20%, even when property values decline 20%. Because prop 13 sets the assessed value at your purchase price, and increments it based on that… NOT on current market.

[UCGal]

[quote=nostradamus]13. Property taxes are going up.

link[/quote]

As I commented in another thread that you posted this… Why is this news? The way Prop 13 works, taxes go up around 2% every year. Even when property values go up 20%, even when property values decline 20%. Because prop 13 sets the assessed value at your purchase price, and increments it based on that… NOT on current market.

[UCGal]

[quote=nostradamus]13. Property taxes are going up.

link[/quote]

As I commented in another thread that you posted this… Why is this news? The way Prop 13 works, taxes go up around 2% every year. Even when property values go up 20%, even when property values decline 20%. Because prop 13 sets the assessed value at your purchase price, and increments it based on that… NOT on current market.

[UCGal]

[quote=nostradamus]Property taxes going up.

link[/quote]

I read that article. It pretty much says that property taxes are going up the same amount they’ve gone up most of the last 20 years. The only people who might be exempt from the increase, that happens every year, are those that are getting re-assessed because they bought at the peak. Because of Prop 13 – your taxes are based on your purchase price, not the current value. And go up, about 2%, each year.

This year is not an exception. Why would it be?

[UCGal]

[quote=nostradamus]Property taxes going up.

link[/quote]

I read that article. It pretty much says that property taxes are going up the same amount they’ve gone up most of the last 20 years. The only people who might be exempt from the increase, that happens every year, are those that are getting re-assessed because they bought at the peak. Because of Prop 13 – your taxes are based on your purchase price, not the current value. And go up, about 2%, each year.

This year is not an exception. Why would it be?

[UCGal]

[quote=nostradamus]Property taxes going up.

link[/quote]

I read that article. It pretty much says that property taxes are going up the same amount they’ve gone up most of the last 20 years. The only people who might be exempt from the increase, that happens every year, are those that are getting re-assessed because they bought at the peak. Because of Prop 13 – your taxes are based on your purchase price, not the current value. And go up, about 2%, each year.

This year is not an exception. Why would it be?

[UCGal]

[quote=nostradamus]Property taxes going up.

link[/quote]

I read that article. It pretty much says that property taxes are going up the same amount they’ve gone up most of the last 20 years. The only people who might be exempt from the increase, that happens every year, are those that are getting re-assessed because they bought at the peak. Because of Prop 13 – your taxes are based on your purchase price, not the current value. And go up, about 2%, each year.

This year is not an exception. Why would it be?

[UCGal]

[quote=nostradamus]Property taxes going up.

link[/quote]

I read that article. It pretty much says that property taxes are going up the same amount they’ve gone up most of the last 20 years. The only people who might be exempt from the increase, that happens every year, are those that are getting re-assessed because they bought at the peak. Because of Prop 13 – your taxes are based on your purchase price, not the current value. And go up, about 2%, each year.

This year is not an exception. Why would it be?

[UCGal]

[quote=patientrenter][quote=flu][quote=patientrenter]Is this legal?[/quote]

yup.[/quote]

flu, or any pigg lawyers out there, surely it is not legal to trash property, especially for self-enrichment, when the property is collateral for a loan and the property owner has, and knows they have, no equity.

Can this really be legal?[/quote]

There is nothing in any mortgage contract I’ve seen that prevents me from tearing out my kitchen, or removing the windows.

[UCGal]

[quote=patientrenter][quote=flu][quote=patientrenter]Is this legal?[/quote]

yup.[/quote]

flu, or any pigg lawyers out there, surely it is not legal to trash property, especially for self-enrichment, when the property is collateral for a loan and the property owner has, and knows they have, no equity.

Can this really be legal?[/quote]

There is nothing in any mortgage contract I’ve seen that prevents me from tearing out my kitchen, or removing the windows.

[UCGal]

[quote=patientrenter][quote=flu][quote=patientrenter]Is this legal?[/quote]

yup.[/quote]

flu, or any pigg lawyers out there, surely it is not legal to trash property, especially for self-enrichment, when the property is collateral for a loan and the property owner has, and knows they have, no equity.

Can this really be legal?[/quote]

There is nothing in any mortgage contract I’ve seen that prevents me from tearing out my kitchen, or removing the windows.

[UCGal]

[quote=patientrenter][quote=flu][quote=patientrenter]Is this legal?[/quote]

yup.[/quote]

flu, or any pigg lawyers out there, surely it is not legal to trash property, especially for self-enrichment, when the property is collateral for a loan and the property owner has, and knows they have, no equity.

Can this really be legal?[/quote]

There is nothing in any mortgage contract I’ve seen that prevents me from tearing out my kitchen, or removing the windows.

[UCGal]

[quote=patientrenter][quote=flu][quote=patientrenter]Is this legal?[/quote]

yup.[/quote]

flu, or any pigg lawyers out there, surely it is not legal to trash property, especially for self-enrichment, when the property is collateral for a loan and the property owner has, and knows they have, no equity.

Can this really be legal?[/quote]

There is nothing in any mortgage contract I’ve seen that prevents me from tearing out my kitchen, or removing the windows.

[UCGal]

[quote=patientrenter][quote=UCGal]From a taxpayer point of view… isn’t moving these homes off the fannie mae holdings a good thing? ….[/quote]

How is lending someone all (or almost all) the money to ‘buy’ a house from the taxpayers, with no recourse beyond the home if they fail to repay the loan, letting taxpayers off the hook?
[/quote]

I would assume at least some percentage will pay the mortgages. Presumably more than 50% of these sales (very conservative number) will result in mortgages paid. That’s better than ZERO percent.

It’s not ideal… but it’s better than fannie sitting with the houses, not for sale, not for rent, not doing anything.

[UCGal]

[quote=patientrenter][quote=UCGal]From a taxpayer point of view… isn’t moving these homes off the fannie mae holdings a good thing? ….[/quote]

How is lending someone all (or almost all) the money to ‘buy’ a house from the taxpayers, with no recourse beyond the home if they fail to repay the loan, letting taxpayers off the hook?
[/quote]

I would assume at least some percentage will pay the mortgages. Presumably more than 50% of these sales (very conservative number) will result in mortgages paid. That’s better than ZERO percent.

It’s not ideal… but it’s better than fannie sitting with the houses, not for sale, not for rent, not doing anything.

[Author]

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