Posted by Elizabeth (NJ) on February 04, 2005 at 15:09:26:
I read your posting and want to bring something to your attention regarding the unpaid property taxes.
When property taxes are not paid, it puts the mortgage company at risk of losing the property to a tax foreclosure sale. Allowing the property taxes to fall into arrears is in fact a violation of the terms of most mortgages and many mortgage companies will force a sale to avoid losing their interest in the property thru a tax sale.
Soooooo, I would definitely clear up those pesky back taxes, but I would record my deed first, otherwise the benefit goes to your seller, not to you as the owner of record.
Hope this helps.
Liens - Posted by Chris
Posted by Chris on February 04, 2005 at 09:17:51:
FMV 160,000. There is an existing mortgage of 86,000, plan is to take it sub2. The issue is that there are 10,000 in liens from unpaid property taxes. I have the money to settle the liens. Should I get the deed then cure the liens. I would like to have everything clearup before I take title so I can get a warrenty deed however I do not want to part with any money until I have the deed not sure how to deal with this. I would like to obtain title insurance on the property eventually also.
Re: Liens - Posted by ken
Posted by ken on February 04, 2005 at 16:48:21:
You can get a warranty deed and still have taxes outstanding i do it all the time.My experience with the banks is they will pay the taxes and make you pay them back sometimes they just add some every month for a year till all is paid current. You can also get title insurance with back taxes owing just tell the title agent to write the policy with the taxes as an exception.I bought a house today with taxes owing, got a warranty deed and title insurance no big deal.