Posted on: 07th Jul, 2008 02:41 pm
Who has to pay property taxes after foreclosure if the bank/lender is the purchaser at the foreclosure sale? is the the lender/bank or is it original mortgagor/borrower?
thanks.
thanks.
Hi jtomalty.
Welcome to the forum.
I think the borrower should pay the past property tax as he was the owner at that time and the property tax would be on the borrower's name. BTW the property tax is the first lien and after the foreclosure sale the past property taxes will be paid first. But you should definitely consult it with a tax advisor.
Feel free to ask if you have any further questions
Best of luck.
Larry
Welcome to the forum.
I think the borrower should pay the past property tax as he was the owner at that time and the property tax would be on the borrower's name. BTW the property tax is the first lien and after the foreclosure sale the past property taxes will be paid first. But you should definitely consult it with a tax advisor.
Feel free to ask if you have any further questions
Best of luck.
Larry