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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: After Short sale - Property Tax Posted by Geri on February 21, 2010 at 8:35 AM In Reply to: After Short sale - Property Tax posted by Abel on February 20, 2010 at 10:38 AM : Hi, : my wife & I short sale our condo and closed Last January 2009. 1.) I just want to know if we are still responsible for property tax for that home we sold? We did not pay our mortgage from May of 2008 just because my wife stop working at that time. What are the penalties if there's any? : 2.) In our credit report, it shows that we still owe countrywide $10,000 (2nd Mortgage). Is that right? : I need your input and help please.. Property taxes are secured to the property and do not stay stuck to the owners. You are responsible for the taxes during the period you owned the property. And it becomes very complicated on the timing of your period of ownership if there are multiple changes of ownership recorded during a property tax fiscal year. Since you sold at short sale I am assuming that escrow and title insurance were involved. The escrow company would have prorated the taxes owed during the close of the sale. You are not responsible for one dime after thte close of escrow. Since you closed after January 1st 2009 you will the owner of record for the annual tax bill. The new owners are responsible for paying the April 10 2nd installment, using a bit of prorated money from the escrow. If there were delinquent taxes from the Dec 10 2008 payment, they would have been paid through escrow and charged to you during escrow. Geri Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : my wife & I short sale our condo and closed Last January 2009. 1.) I just want to know if we are still responsible for property tax for that home we sold? We did not pay our mortgage from May of 2008 just because my wife stop working at that time. What are the penalties if there's any? : : 2.) In our credit report, it shows that we still owe countrywide $10,000 (2nd Mortgage). Is that right? : : I need your input and help please.. : Property taxes are secured to the property and do not stay stuck to the owners. You are responsible for the taxes during the period you owned the property. And it becomes very complicated on the timing of your period of ownership if there are multiple changes of ownership recorded during a property tax fiscal year. Since you sold at short sale I am assuming that escrow and title insurance were involved. The escrow company would have prorated the taxes owed during the close of the sale. You are not responsible for one dime after thte close of escrow. Since you closed after January 1st 2009 you will the owner of record for the annual tax bill. The new owners are responsible for paying the April 10 2nd installment, using a bit of prorated money from the escrow. If there were delinquent taxes from the Dec 10 2008 payment, they would have been paid through escrow and charged to you during escrow. : Geri [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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