Posted on: 16th Dec, 2008 06:34 pm
we did not go to a escrow company to sign papers we just filled them out and sent them back in to the mortgage company. Are we responsible for real estate and insurance on the house still, also Is this going to effect our taxes when we file in January ? The mortgage company said that we would be free and clear of everything.
hi beverlywoodford!
welcome to forums!
as a homeowner, you will owe the taxes due this year for every day that you own the property. once the deed in lieu is completed, then the lender will owe the county taxes for every day of the year from that point onwards.
as you have mentioned that you have an escrow account, the bank will make sure that the property taxes are kept current. so if the lender has been escrowing, then the taxes have been paid to the county and you should not have to be concerned about it. in case, one does not has escrow account and have decided to pay taxes on their own, then they may have to pay any back taxes before the bank accepts a deed in lieu of foreclosure.
feel free to ask if you have further queries.
sussane
welcome to forums!
as a homeowner, you will owe the taxes due this year for every day that you own the property. once the deed in lieu is completed, then the lender will owe the county taxes for every day of the year from that point onwards.
as you have mentioned that you have an escrow account, the bank will make sure that the property taxes are kept current. so if the lender has been escrowing, then the taxes have been paid to the county and you should not have to be concerned about it. in case, one does not has escrow account and have decided to pay taxes on their own, then they may have to pay any back taxes before the bank accepts a deed in lieu of foreclosure.
feel free to ask if you have further queries.
sussane
you do not have to concern yourselves with taxes or hazard insurance any longer. if the home now belongs to the lender, then the lender is responsible for everything pertaining to the home.
you will be wise to speak with a tax advisor concerning your income taxes; you can also take such questions directly to the irs.
you will be wise to speak with a tax advisor concerning your income taxes; you can also take such questions directly to the irs.
do you think doing the deed in lieu of foreclosure is going to effect our federal or state refund I have heard from Jackson Hewitt, that when you do foreclosure, that it makes your income look like substanial more income and can cause you to have to pay in possibly Have you heard of anyone having to lose there refund check because of any negative equity? or any other persons doing the deed in lieu messing up there income tax refund any how many years that last? I have heard so many different things and with us being broke already, living pay check to pay check Our refund is what we are looking forward to , so that we may pay some bills off. Thanks for answering the other questions. We have not gotten any thing back yet saying it is over and done, How long does it take?
i can't say i am a fan of jackson hewitt as a tax advisor. for a real answer to your question, you can't do better than ask the irs directly. don't worry, it won't cause a red flag to go on your tax account so they'll be looking for more money. unfortunately, i am not sure of the tax ramifications - but then again i'm not a tax expert.
as for how long...every state in america is different. foreclosure is not a pleasant thing, and many are being held back to give people more time to try to work things out...check with your attorney (i hope you have one).
as for how long...every state in america is different. foreclosure is not a pleasant thing, and many are being held back to give people more time to try to work things out...check with your attorney (i hope you have one).