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  #38  
Old 10-09-2007, 06:35 AM
andrewmitch andrewmitch is offline
Practice Makes Perfect
 
Join Date: Sep 2007
Posts: 239
I didn't mean default on the mortgage.

I meant default on taxes but put a Friendly Lien on your house for the Equity (you can only go as high as the Equity) just in case you lose the tax lien battle. The point is the risk you have in this battle (with the Friendly Lien) is the downside would be as though you sold your house (because you are forced out but you get to take your equity w/ you). The upside is you get to stay and are off the tax payroll.

The trick is to have all your ducks in a row prior to execution. In fact, if one were thinking about selling their house ANYWAYS this may be a good time to try and execute the plan, right? And if you win and still want to sell your house how much more could you get for it if the new owner didn't have to pay property taxes? HELLO!?! That's a win-win-tie scenario that you would have to play! (ie you can not lose)
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