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If going through foreclosure do property taxes have to be paid?
Wiki User
∙ 11y ago
Yes. The taxes on owed on the property, no matter who owns the property.
Wiki User
∙ 11y ago
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Do you still owe real estate taxes after foreclosure?
The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.
Can a house be foreclosed on if there is no mortgage?
Absolutely. Mortgage defaults are not the only trigger for a foreclosure. Even though the outstanding debt or mortgage has been paid off, taxes are levied against the property yearly. Delinquent property taxes may trigger the tax title foreclosure process. In addition, Homeowners Associations can initiate foreclosure in the attempt to collect overdue fees. The federal government may also initiate the foreclosure process to collect taxes owed to Uncle Sam. There may be other instances, but for the most part, these are the most common.
What past encumberances can exist when buying a foreclosure home etc other debts such as property taxes?
property taxes, lawsuits, senior liens (that were recorded prior to the foreclosing mortgage) such as mortgages, attachments, executions, income tax liens, probate problems
Who is responsible for maintaining a property in foreclosure?
For as long as the foreclosure process is going on, the original owners of the property will still have legal possession. This makes them responsible for maintaining the property, paying the real estate taxes, and keeping insurance paid up to date in case of damage or destruction. Since they still own the house, they must keep on top of all of the responsibilities of maintaining the property in good condition. Of course, it is especially important for homeowners to keep up on the maintenance if they are eventually successful in finding a solution to stop foreclosure. Letting a home fall into disrepair and then saving the home but having to clean up afterwards is not a good start to financial recovery. Even if it is just a second home or investment property, homes in foreclosure should be kept in as good of condition as possible. For homeowners who are unable to avoid losing the property, though, they will no longer be responsible for maintaining it when ownership is transferred through the foreclosure legal process. This typically happens once the sheriff sale has been conducted and the winning bid confirmed by the local court system. At this point, the foreclosure victims will no longer have title to the home, and it will be up to the new owner (usually the bank) to make sure the property is kept up.
Can you buy a house with cash after foreclosure?
Sure this happens all the time. You can probably get a great deal on a foreclosure, make sure you get a home inspection and find out if there are any back taxes owed on the property, Happy Hunting
Are property taxes owed to the state from the owner when a property is foreclosed?
Property taxes are paid to local governments like counties, not states. If a property is sold at foreclosure auction, usually the county property taxes are paid first out of any proceeds from the sale.
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
Can Foreclosure wipe out a secondary judgment lien on the property?
A foreclosure wipes out any liens that were recorded subsequent to the mortgage. However, the lender must give notice to the IRS if a tax lien has been recorded against the property. If not notified the IRS has certain rights that may encumber the property after the foreclosure sale. Delinquent property taxes are not wiped out.
Which type of lien has highest priority?
Liens for property taxes have highest priority in a foreclosure regardless of when the lien was filed.
Do you still owe real estate taxes after foreclosure?
The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.
What does barred by foreclosure mean?
When a foreclosure is conducted according to law, the debtor's right of redemption is forever barred by the foreclosure. That means the debtor has lost the title to the property and the lender is the new owner. That phrase is also used when a municipality takes possession of a property for non-payment of real estate taxes through a judicial process. The final court decree in a tax title case forever bars the delinquent owner's right of redemption by reason of the tax foreclosure.
Can a house be foreclosed on if there is no mortgage?
Absolutely. Mortgage defaults are not the only trigger for a foreclosure. Even though the outstanding debt or mortgage has been paid off, taxes are levied against the property yearly. Delinquent property taxes may trigger the tax title foreclosure process. In addition, Homeowners Associations can initiate foreclosure in the attempt to collect overdue fees. The federal government may also initiate the foreclosure process to collect taxes owed to Uncle Sam. There may be other instances, but for the most part, these are the most common.
If you paid the delinquent property taxes on another person's property can you own there property?
Paying the delinquent property taxes on someone else's property does not automatically entitle you to ownership of that property. However, some states have provisions for filing a tax lien against the property if the taxes are not repaid within a certain period, which could potentially lead to ownership rights. It is important to consult with a legal professional for guidance in such situations.
What is the law about property taxes and when are they due to be paid?
Generally: The law is that if your property taxes are not paid on time a penalty or interest begins to accrue. IF the default continues the government can take possession of the property by a tax taking and foreclosure procedure. Your land can then be sold to a new owner.
If a person dies and another person pays taxes on there property does that person have the full right of that property or land?
Absolutely not. That person would be a volunteer, having paid the taxes on property they don't own. Paying the property taxes does not bestow legal title. You would need to obtain title from the heirs or from the town after the town takes possession of the property by tax title foreclosure.
How do I find out what the taxes are on a particular property?
You can find out the taxes on a particular property through the town clerk of where the home is located.
Do I have to pay more in taxes to lease my property out for commercial or residential use?
You should not have to pay more taxes on the property but you will be paying more taxes on the people using the property. The property is going to be the same because they go by the land value and that is how they figure out your taxes.
