If I just found a notice that stated that my parents have not paid their property taxes in 3 years, what options do we have to try and save the house?

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If I just found a notice that stated that my parents have not paid their property taxes in 3 years, what options do we have to try and save the house?

I am afraid they will lose their house. What is a reverse mortgage? Is it an option? What about filing bankruptcy? Can they keep their home?

Asked on September 12, 2011 under Real Estate Law, Oregon

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you parents have not paid the property taxes on their home for more than three (3) years, there is a possibility that they can lose the home in a tax sale by the county tax assessor's office.

You can cure the amount owed if need be.

For your parents to be qualified for a reverse mortgage, one of them has to be a certain age and there needs to be some equity in the home. You should consult with an experienced mortgage broker about a reverse mortgage for your parents secured by their home.

Whether or not a bankrupcy filing is an option for your parents, their existing liabilities must exceed their assets. I suggets that they consult with a bankruptcy attorney about this option and the ability to keep their home if they file for such protection.

Good luck.


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