Re: Suggestions for a 3rd notice of taxes due?? - Posted by Ronald * Starr
Posted by Ronald * Starr on October 05, 2001 at 20:15:22:
Adam in Indianapolis--------------
I’m not very excited about your proposed structure. Sort of looks like taking advantage of a friend to me.
There are several different ways she could help herself, and perhaps you could help her do it.
It sounds as though she is two years behind on her taxes. Has there been a foreclosure on the delinquent taxes yet? If so, when was the tax deed recorded? For a homesteaded property there is a two year right of redemption after the tax deed is recorded. The redemption price is high–25% during the first 6 months, 50% thereafter.
If the right of redemption is expiring soon, she would be well advised to sell the property right away and take the equity to work with in a rental or less expensiver house. There is ever an book on how to sell your home yourself in five days. You could refer her to it.
She might try to trade her house for a smaller or less expensive house. She might get the new owners to take on the burden of the delinquent taxes.
Is she not getting any child or spousal support from the exhusband? If she is entitled to some, she should go after it with an attorney. Encourage her to do, loan her money for the attorney if possible.
Could she rent out a room in the house for added income and use that to pay the taxes? OR share the house with some other mother who would contribute money?
Could she get another job to increase her income? Tough, having the children. But losing the house for back taxes is even tougher. Needs not be even half time time probably. If necessary, perhaps she could find a couple of other mothers with whom she could share mutual childcare chores.
Could she get her employer to increase the salary she makes.
Is she getting food stamps? If now, has she checked to see if she is eligible for food stamps? This might take some pressure off of her.
Is she a member of a church? Often, when asked, other church members or the leader of the church will help out a fellow member of the congregation by loaning money to pay the taxes. And perhaps offer parttime work to repay the loan.
I suggest that you pass on to her these suggestions and counsel her to do whatever is necessary to help her get through this tough time.
Good Investing and Good Helping**Ron Starr