Financing in Jackson>Question Details

Plunger, Home Buyer in Jackson, NJ

My property taxes are included in my mortgage and I am not paying my mortgage any longer,should I pay my property taxes separately?

Asked by Plunger, Jackson, NJ Tue Sep 20, 2011

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Plunger -

Again, you should probably pay the taxes….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.



Let’s talk!

John Sacktig
Broker / Manager
SFR (Short Sale and Foreclosure Resource)
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
2 votes Thank Flag Link Sun Sep 25, 2011
Hi Plunger -

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.
2 votes Thank Flag Link Tue Sep 20, 2011
What a compliment, my competion deleted his answer and repeated most everything I conveyed. I hope u can apprecaite my answer in light of this repition.
Web Reference: http://www.PatrizioRE.com
1 vote Thank Flag Link Wed Sep 28, 2011
Plunger,

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.

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
GlorianNilson REALTORS,, Real Living
Francesca@PatrizioRE.com
732.606.2931 (24/7)
Web Reference: http://www.PatrizioRE.com
1 vote Thank Flag Link Thu Sep 22, 2011
Good question; makes you wonder why it doesn't come up whenever there's a Shortsale or a Foreclosure:

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
1 vote Thank Flag Link Tue Sep 20, 2011
Hi Punger
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.
1 vote Thank Flag Link Tue Sep 20, 2011
Hi,

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! :)
Web Reference: http://www.DianaBrunner.com
1 vote Thank Flag Link Tue Sep 20, 2011
Francesca, imitation is the sincerest form of flattery, anyway, I have a question for you. How does a short sale effect the credit for 2 years and a foreclosure effects it for 7 years, how do they effect the credit differently?
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Thu Sep 29, 2011
It looks like your lender is collecting money from you monthly and holds them in escrow account to pay taxes quarterly. Most likely, if you don't pay anything, lender will continue to pay taxes while adding this amount to your loan. At some point, they might decide to foreclose
0 votes Thank Flag Link Tue Sep 20, 2011
First and foremost you need to consult your tax advisor or local cpa, and a real estate attorney in order to get the proper advice. the way I would answer your question is why in the world would you pay taxes or any other bills associated with the house if your going to lose it in a foreclosure anyway, to me that doesn't make any sense. Any bills that need to be paid such as the taxes will be taken care of at settlement when someone buys the house, so my recommended strategy to you would be to try and save as much money as you possibly can to get ready for your next living quarters whether its a rental or if your purchasing a smaller house. Your credit score is going to be squashed since your missing payments on the mortgage so your going to need as much money as you can to help offset the lower credit score whether your trying to pursaude a landlord for a rental or a bank for your new house.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Tue Sep 20, 2011
If you are in a short sale position, or just decided to move out contact your lender. I don't understand, if you have money to pay taxes, why not put it toward you mortgage?????

Laura Giannotta
Keller Williams-Atlantic Shore
0 votes Thank Flag Link Tue Sep 20, 2011
It depends on the reason you are not paying your mortgage anymore, can you elaborate? Taxes take first lien position against the house, before the mortgage, so if the house goes into foreclosure, whatever the bank sells the house for, the tax lien gets satisfied first, and the balance left goes to the bank and its lawyers.

Jane
http://www.RealTerrific.com
0 votes Thank Flag Link Tue Sep 20, 2011
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