Posted on: 23rd Jan, 2010 09:41 pm
Our home has been in a process of a modification for the past 12 months. So we haven't made a payment in 12 months. They payment which includes excrow has been added to out balance owed. My question is do we have to pay the taxes?
If you do not have the required amount in your escrow account for the taxes, then you'll have to pay it off from your own pocket. You won't be able to skip your taxes.
guest, it seems that your lender is adding taxes to your balance. what most consumers do not know is that local taxes constitute a first lien position on their homes. in other words, when a home is sold by any means, the first debt paid must be the taxing authority. lenders fall in behind the taxes in every case. therefore, it is imperative for your lender to assure that the taxes are, in fact, paid in full at all times so as to prevent that sort of loss for themselves.
