Not Paying Property Taxes While in Foreclosure
My question involves a foreclosure in the State of: California
We have stopped paying our mortgage for the last 11 months. We currently have a short sale offer being reviewed by B of A. We have not paid the last two property tax bills.
Can anyone advise if there is any reason to pay the past two property tax bills if we intend to let the property go? Thanks.
Re: Not Paying Property Taxes While in Foreclosure
if you are doing a short sale, you are not "letting the property go". It is a sale just like any other sale other than the mortgage lender is releasing the mortgage lien for less than what is owed.
You will still owe the delinquent property taxes and they will be expected to be paid at closing unless you negotiate something different with the buyer.
btw: if you do a short sale, you need to not only get the mortgage lien released, you need to get a release from the mortgage loan completely, if that is what your lender is doing.
Re: Not Paying Property Taxes While in Foreclosure
Quote:
Quoting
jk
if you are doing a short sale, you are not "letting the property go". It is a sale just like any other sale other than the mortgage lender is releasing the mortgage lien for less than what is owed.
You will still owe the delinquent property taxes and they will be expected to be paid at closing unless you negotiate something different with the buyer.
JK, it is our understanding that with a short sale, we will not have to pay anything out of pocket at closing.
In either case, does it make sense to pay the back property taxes now, or wait to do so later, if asked?
Thanks