How To Pick Up, Move And Start All Over.

nitrox2595

Hey guys, I posted on HEF the same question. I may need to pack up all my stuff and move to another part of the country. My taxes are going up almost 50% to $16,000 per year. my wife does not want to move to a smaller house in the same county, But I really dont know if I could pack up and start all over. I have a successful pressure washing and demolition business in NY, Very close to the metro area. I was thinking about north/south carolina, virgina areas. Can anyone give me some opinions about what they would do in this situation, and /or the economy down south? My mortgage is going to go up from $3,900 a month to $6,154.00 a month. I dont think that the business can support another $2k per month salary for me.

SelfContract

It's won't help if your mortgage is currently ARM rate. Please try to refinance first or all your money hard-earned will feed into the bank's deep pocket at all.

Greg Di

I hear you brother. I live in Bergen County which is just as bad. Unfortunately, this cost of living escalation is not going to stop anytime soon. I wonder how people pay their bills. I know I wonder how I pay mine.

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SelfContract

Congress/Bush just passed laws preventing people with ARM rates from going broke or file bankruptcy or go forclosure in future:

1) Who qualify? - Only people who NEVER have mortgage payment LATE, or NEVER default mortgage (sucks!); But people who is even 1-month LATE/default or not on ARM rate can not qualify! (sucks again!)

2) How it work? - Under new regulations, local Banks will/must work with subprime people to offer refinance at much smaller rates for a fixed-30 year loan.

3) Where to qualify? - Contact you local banker/lender/ads to find out who is willing to refinance with smaller rates? then go from there.

ruskent

You have 3 choice is how i see it. #1Raise your prices. #2Add more billable man hours or #3 Move.

cleveman

Nitrox,

Are you talking property taxes?

As for your mortgage, refinance. According to selfcontract, the banks must help you. Last week, rates hit a record low, then went back up again.

Good Luck

nitrox2595

It is not the interest rate. It is a problem with the taxes,I spent half the day figuring out what happened(I think). The mortgage was sold 3x and one of the banks did not pay the taxes in 2006, so the new mortgage co had to rollover the missing taxes, so that was the increase. Good news is that it won't be as bad as thought, but it will still go up. Thanks for the responses.I am still curious though to see what you guys would do if you had to move and start over. I still may do it eventually.

Elec Tek

I live in Charlotte NC and I payroughly $2000 on a $200000 house. I moved here from Chicago 7 years ago. The house I live in is equivilant to a $350000 house in Chicago suburbs. As far as business here I have no problem getting work. Alot of people are moving here from the north.

ruskent

^^^^^^What the heck is a 200k house??? Never seen one of those before!! Man nj has really warped my way of thinking.


For the original poster: I do not think moving a business would be that hard. You now know your business and how to run a business. I do not think you would struggle like most new business do. Now if you were starting a completly different type of business it would be a different type of story.

mickeyco

Did you put any money down? That seems like an awful high payment for a $200,000 house. You won't get much in the Chicago suburbs for $350,000 any more, it'll get you a tear-down by me, you have to quite a bit west to get a decent house for $350,000.

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wackman

Refinance.

Why uproot a successful business, especially RIGHT NOW. Maybe your taxes won't go down but you can spread the payment out in other ways. Either way all you really care about is having a smaller monthly payment.

The Japanese have 100 year mortgages for this very reason.

Is there no counties near you where you can still do your business as established but have lower taxes? If you're in the heart of the city that seems like it should be an option.

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copusbuilder

Why should the feds bail people out?
Should we bail out 30 year olds that felt they needed a 4000 sq' house when they have one child?

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Jason Whipple

If you think this way, the bank will always own you.

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Michaeljp86

In northern indian some people taxes went up over 300% in the past 2 years. All the landlords let their rental houses go back for taxes because the taxes are more then they make off the rent. One guy payed $26000 in taxes with $1 bills and change, and he said that was less then 1/2 of what he owed on taxes.

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cleveman

when people ask about the owner, I tell them that I am technically the owner, but that I am just renting it from the government and when I say "government", I pronounce it "govern-ment". We're pretty much just tenants in the game.

drywallet

Paid 144,900 in 05 for a 2000 sqft finished tri level for our 5 member family with 07's taxes of 2,647 in Nebraska. Yes taxes suck but the cost of living makes up. Work isn't so bad either.

Elec Tek

No I pay $2000 in taxes every year.

mastertrimmer

I agree with copusbuilder, why should the feds bail out people, what part of Adjustable rate mortgage don't people understand.

I know, I know, adjustable is a very hard word to define .

TimNJ

If your mortgage company was collecting escrow money as part of your monthly payment and then didn't pay the property taxes!!! you got one h*** of a case that you can present to NY's Banking Commission.
What is amazing is that these were '06 taxes and you didn't receive any delinquincy notices. I refinanced a rental property this summer and the lawyer for the mortgage company said they would pay the current quarter's property taxes in the closing cost. Well they didn't, and I received a "Tax Sale" notification from the township within two weeks!

nitrox2595

well it turns out the old mortgage company dispersed the funds but the county never got the money. So the school taxes got rolled over into this year. WTF