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Property Tax Foreclosure Sales

October 15, 2007

in Community Blog

property tax foreclosure sales
Is the home owner responsible for the unpaid real estate tax on foreclosed property?

My short sale buyer withdrew their intention to buy my property for the it’s been over 5 months now and the lender still have to process my application to sell said property. Now, am facing foreclosure. Am I obligated to pay the real estate tax not covered by the escrow account? By law, what are the other incidental expenses that I have to pay.

You are legally obligated under most mortgages and under most state laws to pay the entire mortgage debt including any interest and fees and lawyers fees plus insurance and property taxes. Most people in your situation do not have the money to do this and either declare bankruptcy or get the mortgage company to forgive them of this.

In other words- after a house is taken from you in foreclosure you may be legally obligated to pay the mortgage company for any short fall they did not recover in the foreclosure sale.

Some states and some mortgages are “non-recourse” and the mortgage company can not come back against you- but most are not.

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