Yeah, 30 years is, but he said 1995… Wait, no no no no no no no

It’s interesting to note that Puerto Rico doesn’t have property tax. When you pay off your home, the tax collector’s office just leaves you alone.

Functionally, there’s no difference. The amount they demand is based off your house’s value, and they take it away from you if you don’t pay. The label is just a detail. And it’s not a trivial cost, I inherited a small, aged, worn out house and I pay over $300/mo just to exist in it. The tax office wildly overestimated it’s value and there’s nothing I can do about it.

You can’t just pay off your house and expect to be left alone. The county sends the person on the deed a tax bill every year. If you don’t pay, they will take the house from you.

What are you talking about? “Taxes don’t have anything to do with ownership”

Your county sends the person on the deed to the house a tax bill every year. For me, it works out to over $300 per month for a very modest house. If you have a mortgage, it’s bundled into the mortgage payments.

It’s a scam that you’re forced to pay homeowner taxes on a home that the bank actually owns.

And, they force you to pay mortgage insurance (against yourself) if for some reason you can’t pay your mortgage. In the event you can’t pay, they make you leave the house AND reap the benefits of the insurance claim. I’m sorry, if the bank wants to bet against you that’s one thing, but forcing you to pay the bill to bet against yourself is massively unfair.

It’s entirely possible that you could be unable to afford the mortgage payment because of the additional costs of the extra insurance they force you to pay, to insure them against you not being able to pay. Think about that.

This is entirely separate from homeowners insurance, which is a whole other scam they force you to pay.

There should be a law to force mortgage lenders to disclose the full price of the loan at the time you take the loan. For example, if a home is $200k, a typical 30-year mortgage for that home will have you paying something like $450k by the time you finish paying it off. This should be shown to the buyer at the time you take the loan.

Easy, just examine Africa’s situation with warlords

We’re successfully distracted by the more immediate personal problems they’ve created for us