2007-07-20 11:45:40 · 7 answers · asked by Stefan 3 in Business & Finance ➔ Renting & Real Estate
Yes. Taxes are superior to all mortgages. That is why many loans require a tax escrow payment each month.
2007-07-20 11:56:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes. Taxes is taxes. When a bank forclose they take over all the expenses as if they were the owners. This is why they are so quick to sell the property because they really lose money on the deal. On top of that they have to pay attorneys to do the paper work for the forclosure. However it's not likely to be much taxes to pay due to the bank requiring you to be up to date on taxes and insurance and may go as far to set up an escrow account for that purpose. But if a property don't sell at forclosure auction the bank is actually the real owner (REO). And have to pay everything in relation to maintain that propery. The bank can pay it when it's due or at closing. Either way yes.
2007-07-20 12:15:30 · answer #2 · answered by bugone 2 · 1⤊ 0⤋
The property taxes are usually secured by the house itself. The person purchasing house from the banks needs to make sure all property taxes are paid for or take that into consideration when making the offer.
2007-07-20 11:48:52 · answer #3 · answered by asdf098 4 · 0⤊ 0⤋
If someone has no longer paid their sources taxes the county can take over the abode (works like a financial corporation foreclosures). The own loan holders (banks, and so on.) could be omitted interior the chilly and not obtain reimbursement of the non-public loan. the effect continues to be the comparable for the abode proprietor -- they're going to lose their abode and could flow. If a sources is seized via the county then it is going on the ordinary public sale block (each county holds tax revenues at diverse situations -- must be each month or each 2 weeks). The public sale block is incredibly on the county courthouse steps and everyone can purchase there yet you may have funds or qualified funds (cashier's examine). If a sources is bought at a sources tax public sale then new proprietor will own it is unfastened and sparkling of any encumbrances (loans from the banks, and so on.). some IRS liens can nonetheless proceed to be yet it is all. needless to say many banks are common members at sources tax auctions because of the fact they do no longer want to lose their investment because of the fact of unpaid decrease back taxes so they're going to bid to maintain administration of the valuables. correct to the utiltities -- some utilities (and that they are diverse in diverse cities and states) have the best to place liens on sources. as quickly as somebody can try this your sources could be taken because of the fact of unpaid liens. Many abode proprietor institutions may additionally placed liens on residences which then places them able to take sources besides. i understand this could be slightly wordy yet wish it facilitates.
2016-11-10 00:10:08 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I'm not sure they banks do things there, but here, when a house is taken by the bank, they normally sell it off for the lowest possible market value of the house, taking the amount you owe them, and giving you the rest.
2007-07-20 11:49:43 · answer #5 · answered by Lief Tanner 5 · 0⤊ 0⤋
Yes, they are responsible for the property taxes on these REO properties for every day they hold them in ownership.
2007-07-20 12:29:52 · answer #6 · answered by acermill 7 · 1⤊ 0⤋
If they don't , the govenment forecloses the taxes on the bank. Short answer: yes.
2007-07-20 12:34:34 · answer #7 · answered by mcmufin 6 · 1⤊ 0⤋