Foreclosure/ Property Tax question?

Question:

I am going through a foreclosure on a home in California. We just got the notice of default, and the bank said it is supposed to be 3 months before everything is said and done. Today we just got our property tax bill. If our home forecloses am I still liable for the property taxes? Obviously due to circumstances beyond my control I can't afford the house anymore or the taxes. Thanks

Answer:
Sorry to hear of your situation...maybe try a refinance to lower the payment? Try to sell it and pay that mortgage, maybe you can even turn a profit. You're going to lose it anyways so try to keep your name clear and maybe make money too.

Don't just lay down man, FIGHT!

Your tax...The tax is usually for the whole year and it depends on what their accounting dictates. Yes, you will be liable for the portion of property tax for the period you are on the title, the bank will owe the remainder if any. Many states send a bill in the sixth month of the year for the whole year so you may owe the previous six months plus the 3 more in foreclosure.

Good luck, I wish you well

Mike

All is not lost. but you need to take action now.
Find a Realtor that has experience with short sales.
and get the property listed for sale on the MLS
list it below market value to spur a fast offer.
Give written authorization to your Realtor to talk to your lender.
You may be able to avoid foreclosure. If you refinanced you may get a 1099 from the lender for the difference between what you owe and what the house sells for. How many loans do you have on the property?
Actually if you have equity in the house you may not even need to do a short sale and pay the back taxes from the proceeds.
talk and get advise from your CPA or tax advisor.
good luck

I am sorry to hear of your situation. My suggestion to you is to get it listed to sell. Most mortgage companies will hold off a foreclosure if it is listed with a realtor. (They would much rather you sell and they get paid, than to get a property that they need to dispose of) Talk to your mortgage company and a reatlor to find out how much time it will give you.
In the sale of a home, all taxes owed on it will come out in the closing. So if you sell, everything will be paid and you will not have to suffer more damage to your credit. Also, if they foreclose, you can kiss any equity you may have goodbye.
Sell, Sell, Sell, and Good Luck

Foreclosure/ Property Tax question?

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