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Foreclosures/property taxes on MH
Posted: Thu Feb 26, 2004 4:22 pm
by Robin
When there are property taxes past due on a mobile home and a foreclosure/repossession takes place, is the lender taking it back subject to those taxes? Is the lender then responsible for the taxes?
Re: Foreclosures/property taxes on MH
Posted: Fri Feb 27, 2004 5:21 am
by rmurray
Taxes will be collected...the ultimate responsibility is with the original owner...but taxing authorities will attach the home..so when lender takes ownership...they then would have to pay...but often repos are sold and the new buyers are responsible..these are all negotiating points with the selling lender..
If the lender pays the taxes..they will add them to the deficiency balance the original owner still owes..