If your lender is foreclosing, they will eventually pay the property taxes to prevent the county from doing this. After all, your lender wants will eventually foreclose on the property in order to repay the mortgage debt they are owed.
You must pay association dues though in Minnesota. Association dues are considered a personal debt and the association may obtain a personal judgment against you for unpaid dues.
If you are considering a short sale, talking to a CDPE Realtor would be a good idea. Having someone that specializes in short sales and distressed properties that can give you all of your options lets you make an informed decision. Foreclosure and short sale are not your only options.
Realtor, CPDE, E-Pro
If you are unable to pay your monthly mortgage payment, you may want to consider trying to sell your house as a short sale. You will need to work with a real estate agent to do so. The real estate agent will have you fill out a lot of forms. From what I understand, selling a home as a short sale is not fun, but it is better than allowing your home to go through the foreclosure process.
If you allow your house to go through the foreclosure process, your credit rating will be hit hard and for a long time. If you can sell your house short sale (selling for less than you owe on it but at current market rate), you will be doing yourself and the bank a favor.
Let me know if I can assist you.
I would consider doing a short sale on the property and the Realtor you choose can better help guide you.
If at all you can pay, you should... however, you would not be alone if you do not pay it. You should consider selling the property, if you are deciding to stop paying your mortgage. You should speak to your tax advisor and real estate attorney. Though it is possible that down the road you could loose the property in a tax sale, I think it is unlikely in this market that would happen.
Most property owners who have stopped their mortgage payments, have also stopped paying insurance, taxes, hoa, etc... Because their are so many distress sales hitting the market, most lenders have picked up the delinquent taxes automatically once payments have stopped.
The first thing you should do is contact your lender and explain your hardship and find out what options they have for you. Explain your situation and communicate with them. Having answers will alleviate a lot of anxiety and stress and will help in finding the best resolution for your situation.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
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Yes. You should continue to pay both property tax and insurance as long as you can. The county can also foreclose the property and the money owed will also need to be paid to them in the event of a short sale. Why not sell the house (even in a short sale) rather than stoping paying your mortgage?