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jiggsuc15 · Joined: 27 Jul 2009 Posts: 1 1.42 Dollars($)

I need to protect myself and my credit from my fathers carelessness!!!! HELP!!!!...I put property (House), in my name for my father, which was purchased at our city auction. Since he has been there, he has made no attempts to pay city, property, or school taxes. The property has been in rears since 2005 and the taxes are almost $12,000. Mind you, foreclosure is coming up in september 2009 and the property is still in my name. What actions do I need to take or options in order to protect myself?

gmakerley · Posted: Mon Jul 27, 2009 10:20 am Post subject:

unfortunately, there doesn't appear to me to be much you can do at this late stage. four years of overdue tax bills is an enormous amount, and unless you can 1) come up with enough to pay that $12000; or 2) make arrangements with the taxing authorities to pay it back over time, it appears the property will be taken and you'll suffer the consequences.

kentmark0 · Joined: 25 Jul 2009 Posts: 49 0.00 Dollars($)

you need to contact lender, if you want to continue with the property. prepare a hardship letter & discuss about mitigation options.

you can refer http://www.mortgagefit.com/loss-mitigation.html for options available to you.

livinginnky · Posted: Mon Jul 27, 2009 11:33 am Post subject:

You could refi if there is enough equity to pay the tax liens. Other than that the taxes have to be paid.

Guest

What consequences would there be if this falls against me?

I was told that if the house was foreclosed on and it was under my name, the city would market the property and use whatever the property sold for towards the back taxes. The remaining balance would than be my burden. Is this accurate?

sara · Posted: Wed Jul 29, 2009 1:06 am Post subject:

Hi Emilio,

It is correct that the lender can sue you for the deficient amount resulting from the sale of the property. If you cannot pay off the deficient amount, the lender would have the right to place a lien on your other properties or garnish your wages.

However, you can negotiate with your lender and convince him to forgive the balance amount.

Take care.

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