Posted on: 24th Jul, 2012 01:44 pm
My Mom passed away, the mortgage loan stayed in her name and we only changed the deed itself to my and my brothers name. The mortgage company does not escrow for taxes, so we have been paying the monthly payments to keep the house and also the property taxes separately. He has lost his job and now we can not keep up with payments or taxes and it will go into foreclosure soon I am sure. I understand we are not responsible for the mortgage since it is still in her name and never modified or anything, but I want to make sure we are not responsible for the property taxes either. We are in Michigan if someone can please help to clarify this for me?? I have tried to get an answer everywhere. Thanks. :(
Hi Guest,
As your name is mentioned on the property deed, you will be responsible for the property taxes unless your property is sold off at the foreclosure auction. Once the property is sold off and another person becomes the owner of the property, you won't be liable for the property taxes.
As your name is mentioned on the property deed, you will be responsible for the property taxes unless your property is sold off at the foreclosure auction. Once the property is sold off and another person becomes the owner of the property, you won't be liable for the property taxes.
Hello walk1369,
Lenders will also not shop around for the best rates, so the monthly cost for the policy may be quite a bit more expensive than the owners were used to.
:idea:
Lenders will also not shop around for the best rates, so the monthly cost for the policy may be quite a bit more expensive than the owners were used to.
:idea:
