Taxes post mortgage

[blncd1]

Alight we just figured out what our taxes will be without our mortgage per year, it's disgusting!
It actually turns out that the cost of rent and taxes is about the same as our freaking mortgage with deductions.
What the heck does everyone do to keep their taxes down????

This is absolutely insane.....this whole mess has been frustrating because there has been NO clear road to turn on and just when we thought foreclosing, bk 7 would be the answer, foreclosing is not actually that beneficial..... who do you want to pay, the government or the bank???? Neither thanks.....what to do......

[ItsJustMe]

We are in the same boat. I mean, we'll still be MUCH better off financially because the high mortgage was just one of our costly expenses, but it's nerveracking knowing what we will pay in taxes the next few years while we try to get back on our feet and back into a home of our own.

[blncd1]

We are in the same boat. I mean, we'll still be MUCH better off financially because the high mortgage was just one of our costly expenses, but it's nerveracking knowing what we will pay in taxes the next few years while we try to get back on our feet and back into a home of our own.

So are you continuing on with foreclosure and paying a ton of taxes? How did you figure out it was a better idea to continue fc? thanks, just frustrated and trying like heck to make the "smart" decision.

[ItsJustMe]

We're upside down on our home. In 3 years when we can purchase again, I anticipate that our homes value will only have dropped further. We've decided the financially savvy thing to do is walk away. We will pay 1/2 of our mortgage toward rent (if we go smaller, but still nice) and hopefully have a significant downpayment in 3 years time. So, no only could we purchase a comparable home to our own for less, but we will (hopefully) actually have some equity in it.

[OhioFiler]

The federal government allows for pretty substantial standard deductions for those who are not able to itemize because they don't have actual deductible interest and property tax deductions. In fact, they are often quite beneficial to non-property owners.