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elliemae
2010 Feb 28, 1:35am
elliemae
2010 Feb 28, 1:35am
http://real-estate.lawyers.com/residential-real-estate/Buying-Foreclosed-Property.html
From what I understand, the banks are responsible for property taxes from the date that they take possession. However, until they have done so the property owner is responsible. I'm sure that's (in part) why the banks are taking their time to foreclose.
But in order to clear the title, they might have to pay the back-taxes. I've heard realtors claim that they're written off by the taxing entities rather than to impede a sale that will get the taxes paid again. But that's from a realtor.
I'm guessing that the property owner is on the hook for property taxes and HOA's until a bank completes a foreclosure, but how about when the bank actually takes a property back? I assume they pay the HOA'S, but do they pay the taxes on these properties or are they somehow exempt?
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