Q: The reason I am writing to you is because I received my property taxes today and it is more than $6,000. Coupled with my mortgage cost, I think I will not be able to afford my home this year. Could you guide me about it?
A: Given the decline in property values in many areas of the country, you may wish to consider appealing the tax assessment on your home. Most local tax jurisdictions (usually the county or parish where you live) have formal appeals processes in place. You'll want to contact your local tax authority to see what you need to do to get the process started. Also, if you are in imminent danger of not being able to make your mortgage payments, you may need to contact BofA to discuss a potential loan modification with them.
Credit life insurance is sold to homeowners as a means to pay off the mortgage in the event of the death of the homeowner.
Read MoreSome homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.
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