Posted on: 16th Apr, 2013 01:15 am
We are planning to let our property go into foreclosure as our lender does not work on a short sale!! Our property taxes and homeowners insurance are paid out of our escrow/house payment. Since we are no longer paying the payments should we cancel the insurance policy and stop paying the taxes? Or should we change the taxes and insurance and keep them paid up to date?
Unless the property is sold off, you will remain the owners of that property. Thus, you will be liable for the taxes and the insurance unless it is sold off. So, I guess it will be better if you could pay them unless you get rid of the property.
Welcome Blushy,
I agree with what Niicss has said. Unless the property is sold off and it gets transferred to someone else, you will be liable for the taxes and the insurance. Thus, it's better to pay them off.
I agree with what Niicss has said. Unless the property is sold off and it gets transferred to someone else, you will be liable for the taxes and the insurance. Thus, it's better to pay them off.