Lady Bug, Home Owner in 60087

how can a family life in a home not pay their morgage for 2 years who pays the property tax for the 2 years?

Asked by Lady Bug, 60087 Sun Mar 11, 2012

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7
John Walin, Agent, Libertyville, IL
Thu Mar 15, 2012
Until the house is foreclosed upon the bank wont pay for the taxes. It is still the obligation of the owner not the mortgage holder. Once owner is evicted the bank takes over back tax liability and will go after the former owner for the shortage amount, penalties and back taxes.
0 votes
Anthony Cava…, Agent, Channahon, IL
Sun Mar 11, 2012
More than likely the bank will pay the property taxes.
0 votes
John Walin, Agent, Libertyville, IL
Sun Mar 11, 2012
Some people are just derelict and want to live in a house as long as they can for free. That is the ugly underbelly of this whole short sale underwater business. if they are not paying mortgage really doubt the taxes are up to date.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sun Mar 11, 2012
Hi Lady Bug

Two years is a long time for a mortgage to be not paid nor property taxes.

At some point the State or Bank will act, and foreclose the property.

Foreclosure is an expensive process and takes time, the State is waiting for the Bank to undertake it, in due time.

Are you considering buying the property?

Regards
Ruth

Http://www.trulia.com/blog/Perry_mistry
Web Reference:  http://www.ruthandperry.com
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Sun Mar 11, 2012
If they were putting money in escrow, no one is paying the taxes. The taxes will accumulate with penalties and a lien will be place on the property. That leaves the hope vulnerable for being sold for the taxes due if too much is past due.
0 votes
The Michael…, Agent, Gurnee, IL
Sun Mar 11, 2012
The lender might pay the taxes. They usually have some money in escrow for that purpose. If the taxes are not paid in Illinois they will be sold. The lender will receive notice of the sale and might pay them even if the escrow account has been depleted.
If they are sold, the party who buys them must wait 2 years to see if they are redeemed. If not, that party can go to court and ask to be given title to the property. The mortgage lien may still be in place at that point but the previous owner will no longer have title to the property. As you can see this takes several years to play out.
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Scott Godzyk, Agent, Manchester, NH
Sun Mar 11, 2012
In most cases no one is paying the property taxes if the mortgage is not being paid. In some cases where towns and cities can take properties by tax deed for unpaid taxes the bank who has the mortgage on the property will pay the minimum to keep it from going to tax auction.
Web Reference:  http://www.ScottSellsNH.com
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