Question regarding BK and forclosure >>

[mesa777]

IF I decide to file some sort of BK and include my home in this filing will I also have to pay any sort of taxes on the home?? Or would I be 100% handsfree of the home at that point?

I will probably include my home on the bankruptcy as I am struggling to make payments the way it is now.. I am going to stay current on my mortgage until I decide what I am going to do so that I can at least move into a nice apartment before I file.

I struggle to pay my payment on my home from month to month and will the ever going lower home values I am just not going to stress anymore about it..

[BassBoy]

If your taxes are included with the payment, the lender will more than likely keep the escrow current and that will probably get added to the unpaid balance. Usually, taxes and insurance (escrow) is ahead by 6 months (this is part of closing costs, called exscrow fees, when loan was obtained), so you should be covered.

[nazstar]

Oh wow! Good question. I didn't even think of that!!

[kl030505]

My taxes and insurance are NOT in an escrow account my attorney told me that when we surrender the home, we surrender the tax liability that goes with it. So, we are a year + behind on property taxes and will not be responsible for that amount. IF we decided to keep the house, we would still be liable for the back taxes. This is actually a big reason why I was able to convince my husband to surrender the house. We struggled enough with payments, to add on paying the back taxes and keeping them current going forward plus all the repairs it needs, it just didn't make sense to keep it.