Ok, this brings up an interesting type situation. Normally the title company will prorate the taxes at closing. However, it appears that you did not go through a title company. For this reason you may end up having to pay all the taxes if the seller is not willing to work with you. Taxes generally become a lein on the property and the property is now yours so it is probably going to be your problem to deal with. Hopefully you can get the seller to at least pay some of it.... more
There are several steps you need to follow to avoid foreclosure. How far along is the bank in the foreclosure process? If you are only a few months behind, do you have the financial means to make it current (you have the right of redemption period)?
If you were to sell your home as a Short Sale (meaning you owe more money than what you would receive by Selling), you need to meet the criteria banks are looking for as a distressed homeowner, examples are as follows: Job Loss, Medical Expenses, Divorce, Loss of a Spouse (income), etc. If you meet these criteria, and have documented proof on income & expenses, a hardship letter, etc you have a better chance of being successful on selling your home as a Short Sale. You have to do your homework.
I would recommend you speaking with a knowledgable Real Estate Professional who is a 'Certified Distressed Property Expert' who can guide you through the process. You can find an Agent in your area by going to CDPE.com
Best of luck,
David Jaffe-SRES, CDPE
Realtor-Coldwell Banker... more
Sam, I am finding values in the mid 150's and less that is looking at the tax role comps. It would be better if you received a more accurate analysis. Also if your trying to refinance the bank will have the final call on that with an appraisal.