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Len, Other/Just Looking in New Jersey

Does the bank continue paying the real estate taxes on a property that's either in default or foreclosure?

Asked by Len, New Jersey Thu Mar 10, 2011

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5
When you finance a home, the Lender keep some money in your escrow account for property taxes and insurance of that property. And yes, even when the homeowner stop making the mortgage payment the Bank still have to pay the property taxes and homeowners insurance.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
4 votes Thank Flag Link Wed Jan 30, 2013
Yes, in most cases, when a mortgage is involved the bank is paying the taxes. They will also pay, or implement a homeowners insurance property, in case there is a problem that arises. If you need assistance in the foreclosure process and purchasing a home, please contact me.

Janet Larsen, Broker/Associate
Remax Connection
856-415-1210, ext. 321
Cell: 856-261-6910
Web Reference: http://www.njrealtorjan.com
1 vote Thank Flag Link Thu Mar 10, 2011
As they want to prevent the property from becoming a tax seizure, they will often become the taxpayer even when they do not yet have title to the property.
1 vote Thank Flag Link Thu Mar 10, 2011
In my area when the Bank takes over they do incure all costs to my knowledge!
1 vote Thank Flag Link Thu Mar 10, 2011
Most cases yes. Tax leins can subordinate a first mortgage, Thereby placing the mortgage company in a inferior position
0 votes Thank Flag Link Wed Jan 30, 2013
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