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Novation Companies, Inc. Message Board

  • ironroad45 ironroad45 Mar 23, 2007 8:51 AM Flag

    Higher property taxes & insurance causing subprime defaults

    Property taxes up three times in as many years; property tax on a property I sold three years ago has gone from $2100 to $6800 now.

    Homeowners insurance has gone from $1400 to $8500...if you can get it; many insurance companies have left the state.

    A friend of mine told me his "Morgage payment" when up $156/month this year due to the rise in property tax & insurance.

    Congress should be questioning the insurance companies & and local tax collectors about higher morgage defaults.