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Bank give up on our home after Bankruptsy?

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  • Bank give up on our home after Bankruptsy?

    We filed Chapter 7 in May of 08. It was discharged Oct/Nov 08 (can't remember). We let our house go and moved out in August of 08. We didn't want the drama of moving last minute with a 2 year old and a new infant. Anyway, fast forward to yesterday, and I was inquiring about the possibility of buying a new home (been renting) and was asked when the Sheriff's sale was. I didn't know and have not recieved anything about it. I was told to call the county recorder's office to get the date. They told me the home was still in our name and there was no record of a sheriff's sale. They forwarded me to the aditor's office. Come to find out, it sold at a Tax sale in Nov. 09 and not to our lender, but an investment company. I was told I have a year to pay the back taxes, plus a 15% penalty fee. How does this affect our lender? Did they write house off? Because all indications show, they did not complete the foreclosure. Can I buy my house back for back taxes or just not worry about it and move on?

    Sorry for the wall o' text.

  • #2
    Originally posted by chris21 View Post
    We filed Chapter 7 in May of 08. It was discharged Oct/Nov 08 (can't remember). We let our house go and moved out in August of 08. We didn't want the drama of moving last minute with a 2 year old and a new infant. Anyway, fast forward to yesterday, and I was inquiring about the possibility of buying a new home (been renting) and was asked when the Sheriff's sale was. I didn't know and have not recieved anything about it. I was told to call the county recorder's office to get the date. They told me the home was still in our name and there was no record of a sheriff's sale. They forwarded me to the aditor's office. Come to find out, it sold at a Tax sale in Nov. 09 and not to our lender, but an investment company. I was told I have a year to pay the back taxes, plus a 15% penalty fee. How does this affect our lender? Did they write house off? Because all indications show, they did not complete the foreclosure. Can I buy my house back for back taxes or just not worry about it and move on?

    Sorry for the wall o' text.
    WOW, it may be your lucky day. I would check with a lawyer, I do know this you buy at a tax sale subject to hidden liens. I would visit the court house and review all the records and also review the terms of the tax sale, was it free and clear of all known liens? Try to get a title company to issue insurance in your name should you buy the house back, that should protect you, but again check with a lawyer who is compitent in TAX Foreclosures. Keep us posted.

    Comment


    • #3
      Chris,

      I am in Florida and here what you typically buy is a tax certificate. The house does not go to a tax sale until it has at least 3 years of taxes or more due. In other words, you would have had to have missed the tax payments in 2007 for it to have sold already.

      You may want to verify if it is a tax certificate that sold or was a tax deed issued? If it is still in your name, chances are it was a tax certificate which you can redeem prior to tax deed sale.

      Edit: What state are you located in? After re-reading your post it definitely sounds like a tax cert sale and not a deed sale.

      Hope this help.

      Pedro
      Filed 3/31/201
      341 - 5/3/2010
      Report Of No Distribution / No Asset - 5/4/2010
      Discharged and Closed - 7/6/2010

      Comment


      • #4
        Originally posted by psquared View Post
        Chris,

        I am in Florida and here what you typically buy is a tax certificate. The house does not go to a tax sale until it has at least 3 years of taxes or more due. In other words, you would have had to have missed the tax payments in 2007 for it to have sold already.

        You may want to verify if it is a tax certificate that sold or was a tax deed issued? If it is still in your name, chances are it was a tax certificate which you can redeem prior to tax deed sale.

        Edit: What state are you located in? After re-reading your post it definitely sounds like a tax cert sale and not a deed sale.

        Hope this help.

        Pedro
        I am in Indiana. I will have to wait until tomorrow to find out when the auditors office opens. We are billed for taxes from the previous year, and we filed in May. The taxes were due in July so we did not pay for 2007, so it sounds like it is right in line with the 3 year mark you mentioned. I just don't want to waste money on an empty lead. I want to make sure, that if I pay up the taxes, can the mortgage company comeback for the property?

        Comment


        • #5
          Taxes stay with the house,they dont follow the person who had the house

          Comment


          • #6
            Originally posted by dm415 View Post
            Taxes stay with the house,they dont follow the person who had the house
            That is my understanding as well.

            Comment


            • #7
              The short answer though is Yes, they can still foreclose on the house.

              After researching a bit, it appears that Indiana is different than Florida. Indiana does not offer tax deeds.

              Hope this helps.

              **************
              http://www.tax-lien-certificates.com...ndiana_in.html
              Last edited by psquared; 08-05-2010, 09:18 PM.
              Filed 3/31/201
              341 - 5/3/2010
              Report Of No Distribution / No Asset - 5/4/2010
              Discharged and Closed - 7/6/2010

              Comment


              • #8
                Chris,

                Here is a link to a handout that is given to all buyers of tax liens in Indiana.

                http://www.sri-taxsale.com/Tax/Indiana/Handout.pdf

                I guess SRI is the company that handles the sales there. Hopefully this will clarify things a little better as to the process.

                P2
                Filed 3/31/201
                341 - 5/3/2010
                Report Of No Distribution / No Asset - 5/4/2010
                Discharged and Closed - 7/6/2010

                Comment


                • #9
                  If taxes stay with the house then is there any benefit to us to try to catch up? We've been denied a modification and anticipate motions for relief of stay then NOD, etc. Decided to let it go.... We were planning on getting caught up with the taxes gradually, thought it would help with future credit scores, etc.
                  04/04/08 filed Ch. 13
                  5/08/08 341 hearing
                  6/12/08 Confirmed

                  Comment


                  • #10
                    All I know is I live in MO. and I let a rental go that I was way upside down in.second home whatever.I was 2 years behind on real estate taxes,the person that bought the house at auction had to pay the taxes.I saw this on the city website

                    Comment


                    • #11
                      [QUOTE=psquared;437309]

                      I am in Florida and here what you typically buy is a tax certificate.

                      Hi Pedro,

                      My tax certificate for 2009 was just purchased. What do I have to do to purchase it back if I do a loan mod? What do you know about this process?

                      Thank you Gunnor 01

                      Comment

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