I just received a letter from my mortgage company stating that because my last property tax payment has not been made yet and is in delinquent status that I am in default on my loan agreement. They stated that I have 30 days to pay the delinquent amount. What can happen if I don't make payment within those 30 days? Can the lender foreclose or report to credit. My mortgage payments are always on time. Never been delinquent with those. Is this just a letter trying to pressure me into paying back taxes right away or does the lender have the ability to accelerate payments, foreclose, etc.?
2007-10-17 14:37:52 · 5 answers · asked by Earl S 2 in Business & Finance ➔ Renting & Real Estate
Take it seriousely. If you don't pay your property tax, the local government will take your home, and auction it off.
2007-10-17 15:00:14 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Since you owe alot of money to your lender for the loan that you used to buy your house, the lender is only looking out for its interests.
If you do not pay property taxes, then your house may be sold at a sherrif sale. That would mean that the mortgage co. would not be able to get the money back that you owe them.
So, most put in the mortgage agreement that all taxes and water and sewage bills must be paid promptly or you are in
default.
Since the mortgage co. has attorneys that are very well versed in what can and cannot be done, I am pretty sure that your mortgage co would be able to something to secure the
loan.
2007-10-17 14:58:57 · answer #2 · answered by Blessed 7 · 0⤊ 0⤋
They're basically telling you to pay your property taxes. I was delinquent on my taxes and got a similar letter. The next thing I knew, my monthly payment went up because the bank paid the taxes for me in something called a "forced escrow". That really wasn't a good thing.
2007-10-17 15:16:39 · answer #3 · answered by shacker2762 3 · 0⤊ 0⤋
you've considered a prior due-evening infomercial that tells a thank you to get a house for just about loose....if it sounds too solid, it probably is. this all revolves around the belief of making an investment in tax certificates revenues, the place investors purchase up the debt of human beings who do no longer pay their sources taxes. there are different people who try this b/c the expenses of pastime paid by skill of tax delinquents are very intense. and if the delinquent taxpayer fails to pay off the certificates, the investor can foreclose, however the opportunities of having the different man or woman's residing house in basic terms for unpaid sources taxes is like, one in a zillion. nonetheless, it truly is conceivable to make money in this section.
2016-10-13 00:32:42 · answer #4 · answered by ? 4 · 0⤊ 0⤋
If you don't pay your delinquent taxes your lender will. Then they will raise your payment to cover the cost plus future taxes. That's the 'forced escrow'. But the good news is that they will pay your taxes in the future.
They won't foreclose.
2007-10-17 21:46:44 · answer #5 · answered by tlkn2myslf 1 · 0⤊ 0⤋