Banks are folding, and the tip of the iceberg of the new financial meltdown appears to be finally emerging in an undeniable way. What does it mean for Long Island property owners?
The New Bank Crisis
SVB and Credit Suisse may just be among the first to go. It seems highly likely that we will once again see a blizzard of banks going bankrupt and being bought up in fire sales by their competitors.
What effects can we expect to feel as a result of that?
Access To Cash To Pay Your Bills On Time
Those that have money in non FDIC insured accounts, or balances above that threshold may lose it.
While many banks will be bailed out in one way or another, the disruptions in accessing cash will be extremely disruptive for millions.
Don’t count on your paycheck making it through or being able to access your deposits like you used to.
If you have property tax bills coming up, make sure you have the money on hand.
More Layoffs And Hiring Freezes
Bank failures and cash interruptions will no doubt lead to many more layoffs and hiring freezes. In turn that will lead to more mortgage and property tax defaults and foreclosures.
Home values may plummet further as a result. Though don’t expect to be voluntarily offered a reduced property tax bill, even though you are owed it.
Get in touch with Property Tax Adjusters, Ltd. for help filing your appeal.
Taxes Up To Bailout Banks
Expect your taxes to be hiked to cover bailouts for banks. As well as to care for abandoned properties throughout your county and state.
Credit Cut Off
With banks running out of liquidity and cash, expect them to also cut off existing lines of credit. Including credit cards and home equity loans.
Summary
We will make it through this banking crisis as we’ve done the previous ones. Though it will no doubt bankrupt many businesses and homeowners.
Don’t expect to be able to access your money or credit as you have been able to for the past decade. Expect your taxes to even go up.
Get help to lower your bills and taxes now to survive it.