Home prices have skyrocketed during the last four years, and those who purchased a home during this period now face a greater problem: high property taxes.
Recently, home prices have become stable and in some cases have declined significantly. Despite the difficulties that come with the decline in home prices, a homeowner can find relief in property taxes. If you bought a home, condominium, apartment complex, or business during the last four years, you can reevaluate your property and reduce your tax payment.
Many are not aware that Proposition 8 gives the Los Angeles County Property Tax Portal power to reevaluate your property if the price is lower than the original value.

Not all mortgage payment failure situations can be solved, despite having tried to reach an agreement with a loan officer through a prevention program. If you are unable or no longer desire to retain your property, consider these alternatives before facing a possible mortgage trial.

• Sale: You can avoid mortgage trials if you have a pending sales contract or your property is in the Real Estate market. This option can be a positive solution if the total amount of the sale can cover the loan debt and sales fees.

The Real Estate market has been in a state of frenzy over the last few months as delinquencies in the sub-prime loan sector have soared. In Los Angeles County alone, more than 2,500 properties went into foreclosure in the second quarter of 2007, an increase of 799%.

The Real Estate “boom” of the past few years encouraged overly optimistic lenders to increase the number of “sub-prime” loans, which are loans made to persons with poor credit, little credit or no credit at all. Several factors including a sharp increase in interest rates on these loans have made it almost impossible for homeowners to keep up with their monthly mortgage payments which, in turn, has forced thousands of people out of their homes and threatens to do the same for many more.