Tax on property

jackscl9 · Joined: 01 Feb 2006 Posts: 0 0.07 Dollars($)

I co-sign a loan on a mobile home for my brother over 15 yrs ago and I never paid any taxes on it. Someone had to be paying them but it was not me. This year, I rec'd a tax statement for this mobile home in my name. I never paid one penny on it or lived in it. Is there anything I can do to get this out of my name?

Samantha · Posted: Wed Feb 01, 2006 3:37 pm Post subject:

Hi Jack,

Welcome to MortgageFit Forums.

You are a co-signor on the loan but my question is whether you are one of the owners of the mobile home too.

Being a co-signor you assume responsibility for any payments that is due but again I want to get the exact picture to comment.

I shall suggest you to take the help of a tax advisor and contacting the tax department to get things rectified.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Hi Jack,

It largely depends on the exact conditions that is existing with the home. In general I should say that you may have to take responsibility for any default, be it taxes or loan payment that is outstanding.

Douglas

jameshogg · Posted: Wed Feb 01, 2006 5:28 pm Post subject:

Hi Jack,

Along with the loan payment the taxes on the mobile home also should concern you as you have agreed to be responsible for any dues on the home by becoming a co-signer on the home.

If taxes and payments are not met then your credit is going to be affected. Also if the home goes in a foreclosure you will be held responsible as an owner and whether you are legally responsible will not matter in that case.

James

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