what about property taxes? (behind 2 yrs)
2006-12-28 14:56:29 · 4 answers · asked by mommy 3 2 in Business & Finance ➔ Renting & Real Estate
When a house is foreclosed that does not effect the liens. The foreclosure just means a lender now becomes the owner. When the lender sells the property there will be a pecking order of those who are owed money. I think the property taxes are first, city owned utilites like water and sewer might be next, then the mortgage holders. I would say homeowners assoc and others are at the end of the line. If there is not enough to pay the liens they may have just convert to unsecured creditors. So they may have the right to attempt to collect the debt like any other unsecured creditor.
Take care
2006-12-28 16:39:08 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
This question is vauge, r u wanting to buy one with these issues or r u asking because u have been foreclosed on? Since I am not sure I will answer the best I can. Liens dont go away thats why before buying ur agent cks for any liens on the property, the title is not a clear title. What it boils down to is this if u r the buyer u make sure taxes hoa dues etc. r paid 1st & lien is removed, or u get that amt offf the sale price and pay past debt to clear lien, if u r the owner of such property u have to pay debts or disclose this to the new buyers take off the amt from asking price so they can clear note. There is way more that can be of issue such as since taxes r owed 4 2 yrs who really does own this property? R u trying to sell without disclosing these issues u should not. If u r buying AGAIN BEWARE THAT THIS LIEN IS REMOVED AND THERE IS A CLEAR TITLE, IF NOT & U DECIDE TO EVER SELL THE LIEN AMT U CAN BET WILL BE TAKEN BEFORE U GET YOUR $.
2006-12-28 15:15:45 · answer #2 · answered by bodacious baby 7 · 0⤊ 0⤋
Homeowner association fee's once foreclosed.... it gets wiped out too... but they'll try to make you pay for it... even threaten you. But I suggest you get an attorney and fight it all the way. As for property taxes... it will still be due (even if it's behind 2 years.)
p.s. if you're the one getting foreclosed... you own nothing to the bank. all 1st, 2nd, 3rd, 4th, 5th mortgages get wiped out.... clean !!! the taxes will be due by the new owner.
if you're the one buying the forecloser.. then you just have to pay the taxes and that's it.
2006-12-28 18:02:09 · answer #3 · answered by Batman 2 · 0⤊ 0⤋
All the liens and taxes are paid and if there is anything left over it will go to you.
Don't hold your breath if you don't have a lawyer. They will make up something to keep the rest.
2006-12-28 15:02:13 · answer #4 · answered by Anonymous · 1⤊ 0⤋