If I just found a notice that stated that my parents have not paid their property taxes in 3 years, what options do we have to try and save the house?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I just found a notice that stated that my parents have not paid their property taxes in 3 years, what options do we have to try and save the house?
I am afraid they will lose their house. What is a reverse mortgage? Is it an option? What about filing bankruptcy? Can they keep their home?
Asked on September 12, 2011 under Real Estate Law, Oregon
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you parents have not paid the property taxes on their home for more than three (3) years, there is a possibility that they can lose the home in a tax sale by the county tax assessor's office.
You can cure the amount owed if need be.
For your parents to be qualified for a reverse mortgage, one of them has to be a certain age and there needs to be some equity in the home. You should consult with an experienced mortgage broker about a reverse mortgage for your parents secured by their home.
Whether or not a bankrupcy filing is an option for your parents, their existing liabilities must exceed their assets. I suggets that they consult with a bankruptcy attorney about this option and the ability to keep their home if they file for such protection.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.