Again, you should probably pay the taxesâ€¦.and then you should look into listing your home and subject to third party approval. (a bank short sale)
Look for a local agent that has short sale experience and understands the process of helping you with your short sale. I suggest you look for a Realtor that has the SFR designation and can explain the process to you in detail from beginning to end to help you understand what is about to transpire.
The process is very precise and you will need someone that has the ability to help you move through the system. I am the local expert in handling the short sale process from listing to closing.
Please call or email and we can meet and discuss your situation. I manage the Freeehold Boro office and we can meet at the office or I can visit to discuss your options.
Broker / Manager
SFR (Short Sale and Foreclosure Resource)
Orange Key Realty
Sounds to me like you can no longer afford to pay your mortgage and that you are going to go for foreclosure/short sale?
You will be responsible for the taxes and a lien will be put on the property for payment and you will be responsible as noted below, this could /will follow you... -or- The funds will be taken from the sale proceeds, thus changing the foreclosure/ shortsale sale price for the house.. could be tough on the sale...
My opinion is that you may want to pay the taxes.
I can't imagine that the bank will pay the taxes if you are not making payments. U might want to go ahead and pay the taxes as if the bank is not, once you are deliquent, the tax bill goes up for sale and you have additional lienholders.
Honestly, you should be attempting a short sale. A short sale provided 2 years nick on your credit while a foreclosure 7 years and while there are many nighmare stories regarding short sales it all depends on the ratio of what u owe to what the current market value is.
While I am in Spring Lake, I have done much business in Jackson, If you would like a no obligation consultation, please do not hesitate to call me at 732.606.2931. Most are inclined to garner info re short sales via email, but frankly, there is a void in these types of communication.
Think about it, would you prefer to be able to purchase again in 2 years or 7 years.
Francesca Patrizio, Broker Sales Associate, ePro, SRES
GlorianNilson REALTORS,, Real Living
As Diana pointed out, the Bank may be paying the taxes, but I doubt it.
This may vary with Counties acroos the U.S., but I would guess that the majority will continue to hold YOU accountable, not the property. At the very least, they will hold off until you try to buy another property. I know of one instance where it popped up in the form of a letter, two years later.
You will have to take the initiative here, it will be like the elephant in the room that no one talks about, but is nonetheless there.
Good luck and may God bless
I'm not sure if you mean you paid off your current mortgage and you own it free and clear or you stopped paying your mortgage. However, as the home owner you are repsonsible for making sure your taxes are paid on time each quarter. The easiest way to take care of this is to just stop over at the Jackson Municipal Office, go to the first door on the right when you enter the bldg. You can pay your taxes right there at the window & also arrange to have your tax bill w/ 4 coupons mailed to you so that you don't miss any due dates.
Last due date was Aug 1st, next due date is Nov 1st.
That's a great question. Most lenders if they were holding an escrow for your taxes will continue to pay them because they do not want a tax lien to take precedence over their lien.
However, with that being said there is no sure way to know if this is true unless you contact your lender directly.
As a certified short sale and foreclosure prevention specialist I would be happy to discuss with you all of your options available to assist your family.
Please feel free to call me anytime at (732) 904-8403 or e-mail me at Diana@DianaBrunner.com
Thank you and I wish you and your family all the best! :)
Keller Williams-Atlantic Shore