Read the EDIT that I added to the original post; it shows how the numbers should end up getting calculated.Those other neighbors are allowed to keep their existing assessment until some interested party elects to challenge and initiate an appeal.

But if it meant the difference of 1000-1500, it is the right thing to do considering the comfort and energy savings gained.

This is not meant to be legal advice of course but I would explore other options before deciding to go Bankrupt for $40,000 which by itself will incur legal costs.

There are some significant tax incentives in 2011 for leasehold improvements it may be possible that you can elect to write off the entire cost in year one.

No one could agree on what "notice of foreclosure" meant as all states have different procedures and noticing.

But if you were to replace it, I would make sure to use that time to insulate the house and take care of old pluming and possibly electical wires since it is probably a system lacking a ground wire being 1950's built, When I visited my sister in Florida, I noticed most of the houses built in her area (New Smirna Beach) are cinder block construction.

Not sure what you meant by LTV of 72% but then saying they only owe $80,000 but here is the process as I understand it.You need to start by finding an accurate ARV (after repaired value) for the house.

I meant to say just do a title "search" above.

I don't even think I knew what the word Real Estate meant!

There are new laws that are meant to break down these nonsensical barriers, but the SEC has resisted them vigorously.