H
What Happens To Your Property Taxes and Mortgage When Your House Burns Down?
Thumbpicker
Well-known member
Of course you have to pay a mortgage. You have borrowed money from a bank which is a business. Not their fault your house burnt down. The bank doesn't have to insure your house - you do. Yes, Property taxes (what we call land rates) are payable but you can often get a reduction if you don't have a house on it or get services like rubbish removal.
Bad Brain
Well-known member
I'm no fan of the property tax but this guy's analysis is largely mistaken. This LA land is some of the most expensive in the country whether there's a house there or not. That being said I think there is a good case to be made that the value has been reduced and perhaps drastically in some cases. But no way is it worth nothing. I'd venture that the first sales will reflect some discount but probably not a lot.
70 Mach 1
Well-known member
Most of the mortgages will get foreclosed on.
The bank will auction off the land.
Some sly slick sobs will buy them up for cheap. Then wait it out and sell for huge profits.
The bank will auction off the land.
Some sly slick sobs will buy them up for cheap. Then wait it out and sell for huge profits.
NowYou'rePlayingWithPower
Banned
Well-known member
Lots of absolution words from people with little to no understanding regarding the subject.
Bad Brain
Well-known member
*Absolutism
NowYou'rePlayingWithPower
Banned
Well-known member
Wrong, as usual.
Thumbpicker
Well-known member
In the video or here?
Who is being absolved and who has no understanding of the subject.
If it's supposed to be my words ask yourself these questions... Firstly, what would an Australian that has always lived in and owns a house in a bushfire zone know about bushfires, insurance and houses getting burnt down. Secondly, what would a professional accountant know about business generally, various classes of assets and liabilities, mortgages, banks, finances and secured vs unsecured loans etc? In addition, I was an accountant for local government the tier of government in Australia that levies land rates (property taxes).
Certain things are slightly different in the US - but I can assure you they aren't that different. Our land rates are levied off the land value (excluding buildings) as well. There is a often a reduced rate for vacant land but you still have to pay your land rates.
Bad Brain
Well-known member
It's not really clear what you're trying to say (As usual), but absolution makes zero sense.
You're right though in that you at least need an adjective.
Absolutist
NowYou'rePlayingWithPower
Banned
Well-known member
Wasn't talking to you. Y'all get so easily bent out of shape and look for offenses and meanings to things not even directed at you.
If you really want me to nitpick your first post; there isn't a bank in the US that wouldn't take it upon itself to insure a home that wasn't being insured and add that to your mortgage payment. I suppose start there. Some states even require it. There's 100% chance I know more than you about any of those things regarding the US. You just like to hear yourself talk. A lot of that around here.
NowYou'rePlayingWithPower
Banned
Well-known member
You're just not intelligent enough to understand, Nate.
Thumbpicker
Well-known member
We have to insure our houses too if we have a mortgage. So no different. The point I was trying to make is it's up to the home owner to cover the insurance and the recovery from the fire - not the bank. You still have to make mortgage repayments. It's just a loan like any other. You might be able to negotiate some temporary relief with the bank if you are lucky - you'd still have to resume and pay off the loan eventually of course.
Thumbpicker
Well-known member
Yes absolution means to forgive someone for something. Who are we absolving here?
V
VonBonfire
Well-known member
It's windy and cold tonight.
Bad Brain
Well-known member
NowYou'rePlayingWithPower
Banned
Well-known member
No one here.
People tend to look for things where they aren't for some reason.
Dunno.
My comment was to the universe based off a moment in the video.
I do that sometimes and for whatever reason others look for slights in words not aimed at them. ?
Acceptance is probably the poster child for that kind of thing.
So, either he's guilty or thinks anyone gives enough fucks to stress over his ignorance.
V
VonBonfire
Well-known member
That made me shiver. Overnight is like 24 with 30mph gusts of wind here. The winds just started ripping a few minutes after I got home from a gig. Good thing I have the ceiling at least half insulated. Morning will probably inspire me to climb some scaffold and finish it. My trusty woodstove is crankin tho'...
Thumbpicker
Well-known member
Oh well I can't be bothered getting into a ding dong (fight) with you tonight. So peace...No one here.
People tend to look for things where they aren't for some reason.
Dunno.
My comment was to the universe based off a moment in the video.
I do that sometimes and for whatever reason others look for slights in words not aimed at them. ?
Acceptance is probably the poster child for that kind of thing.
So, either he's guilty or thinks anyone gives enough fucks to stress over his ignorance.
NowYou'rePlayingWithPower
Banned
Well-known member
Okay. Not sure why you would want to fight.
Thumbpicker
Well-known member
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