Property Tax Question

[Myrsmakeup]

Our prop tax installment is due April 10 but we are thinking about just letting home go. Countrywide has been a joke. What happens if we dont pay our 2nd installment of prop taxes? Thanks in advance.

[faith]

Originally Posted by Myrsmakeup

Our prop tax installment is due April 10 but we are thinking about just letting home go. Countrywide has been a joke. What happens if we dont pay our 2nd installment of prop taxes? Thanks in advance.

If you don't pay the property tax CW will pay for it to avoid the Assessor's Office to sell your house to get their money from the sale of the house. Property tax is a first position lien on the property, and the bank will pay it since they do not want the property to be sold off by the county at the tax lien auction, as this action will wipe out the mortgage banks interest.

[crucifixion]

Yeah let me add...so your bank will pay for it, and then charge you for it. So for me, I stopped paying my property taxes last year, so I think by now I've missed 3 of them...so now my first has absorbed it and now setup an escrow and has now added $1200 to my $1600 mortgage payment. payment is due 4/15 so I havent decided if I want to pay only the $1600 or not pay anything at all and start the foreclosure process. So if you are missing payments, make sure you have decided to walk away cuz in about a year they will add it to your mortgage

[algebrateacher]

I'm trying to get a reinstatement amount for my mortgage. Will they make me pay the property taxes that they recently paid as part of the reinstatement?

[Hodgini66]

While in the process, ask the mortgage co to setup an impound account for the taxes, pay the back taxes for you AND can they spread the payments over the next few years. Just be prepared to show you cannot afford to pay them from your W-2 wages and bank statements. Good Luck!