ok so whats the short answer on having to pay taxes on the property when i foreclose...
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I'm sorry, I don't understand the question. When YOU foreclose? Please explain..."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
I have a home in DC that will probably go into FC....still not 100% sure what will happen w/ the back taxes. The property taxes follow the home, not the person as I understand it.
I have searched this forum and other places and have gotten different answers. I called to the DC tax office and they told me in a FC, that I would still be responsible for the back due taxes. Then I asked her what would happen if I go BK and she said then I would not and either the lender or the new owner (who buys from the lender) would have to pay them.
My atty said that I would be, but I wasn't real clear on it. If my bank acct is empty, I have almost no assets, and little income, I don't see what they can do in the near term. By the time I get myself back into shape the house will probably be sold and the taxes paid.
So the answer is, I don't know!Comment
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MY UNDERSTANDING IS THAT TAXES AND LIENS STAY WITH THE HOUSE AND DO NOT FOLLOW YOU.Comment
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sorry should hace asked better. Im trying to short sale and if it doesnt sale foreclose is almost certain. the bank told me i would have to pay taxes on the difference between the loan balance and sale price. just wondering if thats on the interest only or the remaining balance itself. also its a VA loan.Originally posted by silvercert View PostComment
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