When you go into foreclosure, do you need to pay your property taxes?
Sep 30, 2009 in
United States
cris_romy
If you go into a foreclosure, do I need to pay my yearly property taxes which are due now??
If you go into a foreclosure, do I need to pay my yearly property taxes which are due now??
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3 comments
Gem on October 3, 2009 at 12:06 am
Well, are you going to try and save the house from foreclosure, or not?
If not, why throw good money after bad. The bank will ultimately be responsible.
But if you are going to try and reclaim your home, than this would just be one more set of late fees and usury interest rates you would have to pay.
Sorry about your plight, good luck
DeeDee on October 6, 2009 at 4:20 am
Not the property tax, because the one foreclosing will have to pay them, although it does get added on to the total amount you owe the bank. The one tax you need to pay is personal tax, because in my state, personal tax follows the name, not the property.
wartz on October 8, 2009 at 10:39 pm
The taxes are due from the property not the person so an unpaid liability would pass to whoever buys at the foreclosure sale. If the loan provides for recourse against the borrower–that’s you–any deficiency, including what has to be paid as property tax, could come back to you.