Following up on last week's Perspective about "declining values" and how they potentially translate into lower property taxes, one sharp Reader had this to add to the discussion. Listen up - this is good information. (Thanks Dennis for keeping me on my toes!)
Thoroughly enjoy your Piedmont Perspective on the surrounding area. Today's article on the possibility of the value of ones home going down is for the most part a worry of almost everyone that made the plunge in buying a house at the top of the market. In the recent past, there have been articles on having ones house reappraised to the lower value to save on taxes. It has been my experience that if and when the house is reappraised, many counties send out a notification to the lender of the new appraisal. This notification will have no effect on the first mortgage but in many cases, will freeze the amount outstanding on the second! If the unused portion of the second was set aside for a remodel or upgrade of some sort, one is out of luck.
Not all counties do the notification, but many do so.
Dennis J. Duffy
A Very Nice Mortgage Company, Inc.
Thank you Dennis - you really are "a very nice mortgage company!"
Julie Gardner, has been writing The Perspective for 15 years and has published more than 600 essays. She is also a frequent contributor to the Sound Off column in the Real Estate section of The San Francisco Chronicle.