2007-03-07 05:27:09 · 10 answers · asked by Sharingan 6 in Business & Finance ➔ Renting & Real Estate
We are looking at property that is going to be sold at a county tax auction. Just wanted to make sure that we are not bidding on someone else's mortgage.
2007-03-07 05:39:17 · update #1
it is foreclosed
2007-03-07 05:30:07 · answer #1 · answered by gilly 2 · 0⤊ 0⤋
THe county pays the taxes, the balance goes to the first lien position on the house (hopefully the mortgage in question) any extra goes toward any other open liens with the final balance to the owner.
If there isn't enough to cover the outstanding debts, the owner remains responsible; the property is just removed as support for the debts
S an FYI in many states mortgage companies DON'T escrow property taxes. They may pay a delinquency to avoid a tax forreclosure and pass the extra fees on to the owner to avoid a foreclosure for taxes but they are not required to.
2007-03-07 05:30:46 · answer #2 · answered by wizjp 7 · 0⤊ 0⤋
Usually this would go up for auction, and interested people would bid on it. If the property is valuable, it will probably go for somewhere near the market value, as there are always people who know about this sort of sale, and they'll bid each other up, hoping to get a deal.
Once it's sold, I think that some states allow you a grace period when you can pay back the amount in arrears, plus fees, penalties, fines, etc, and reclaim the property. But I would ask an expert in your area to be sure, because it can vary from state to state.
Once the grace period is up, the property is no longer yours unless you buy it again.
2007-03-07 05:34:31 · answer #3 · answered by Ralfcoder 7 · 0⤊ 0⤋
I'm not sure about the state your in, in Washington (i'm pretty sure it's the same in every state) tax liens or paid first, then the money that's left is paid toward other liens. In order, like your first mortgage, second mortgage, and so on. Any balance remaining if any you will be responsible for. Or if there's anything left after all of that, you will get the rest. Your better off listing the house with an agent so you could get fair market value and the agent might be able to negotiate a short sale with the bank, most likely they'll take what they can get and you won't owe them anything.
2007-03-07 05:32:36 · answer #4 · answered by shygrl81 2 · 0⤊ 0⤋
A property can't be "sold for taxes" only if there is also an unpaid mortgage on it. The mortgage holder has the right to have the property sold to collect its debt as well, so with both things outstanding, the sale price would have to be at least as much as the two (unpaid taxes and unpaid mortgage balance) combined. Unless the buyer agrees to assume the mortgage, and take over the payments. But the buyer would have to be approved by the mortgage holder, just as if he were taking out the mortgage himself to begin with.
2007-03-07 05:30:33 · answer #5 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 1⤋
The taxes are paid by and the property is owned by the mortgage company
2007-03-07 05:41:17 · answer #6 · answered by Bettee62 6 · 0⤊ 2⤋
This shouldn't happen the taxes should be built into the loan.. That means the mortgage company did something incorrectly.
2007-03-07 05:30:06 · answer #7 · answered by Anonymous · 0⤊ 3⤋
You lose the home and someone else gets it for real CHEAP.
2007-03-07 05:28:56 · answer #8 · answered by raindog312 3 · 0⤊ 0⤋
You're still responsible for the debt
2007-03-07 05:28:59 · answer #9 · answered by ark 3 · 1⤊ 1⤋
it`s defaulted
2007-03-07 05:29:15 · answer #10 · answered by RUSSELLL 6 · 0⤊ 1⤋