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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Hi , My name is Tim Lewis. Married with one child still at

Customer Question

Hi , My name isXXXXX with one child still at home. My wife has always been a stay at home mom . So we are a one income household. We filed chapter 13 about 3 and a half years ago. We have a mortgage and will end up with about a 20k balloon payment at the end of 5 years.
We currently do not have a pot to piss in financially. ZERO cash saved and property taxes of 8 k due.
Is there a point where I just stop making my mortgage payment and force paying property taxes ? Or do I wiat till the ecomomy totaly goes down the tube ,lose my job the house and still owe the gov? I am truly confused with what I should do . Hopefully this makes some kind of sense.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
HiCustomer
What did you mean when you said, "force paying property taxes"?
Customer: replied 7 years ago.

What I mean is that getting the property taxes back in order is the most important thing at this point isnt it. By forcing I mean stop paying my mortagage and plow the money into the property tax debt. Just like many others at this point I am going backwards on equity in the house.

Customer: replied 7 years ago.

What I mean is that getting the property taxes back in order is the most important thing at this point isnt it. By forcing I mean stop paying my mortagage and plow the money into the property tax debt. Just like many others at this point I am going backwards on equity in the house.

 

Hmm maybe this was a bad idea.

Expert:  cfortunato replied 7 years ago.
Considering the fact that it will be harder to get rid of the property tax debt than the mortgage debt, it does make sense to pay the property tax if you can only pay one. However, in general, property tax is dischargeable in a Bankruptcy proceeding, if the tax is more than one year old (mortgages don't have this time restraint).
Many homeowners who are struggling to pay the mortgage stop paying, and save the money to move. There are many who have not paid the mortgage for years, and are still in their homes.
I'm not sure if I answered your question. Please let me know.
Thank you!