Home Sellers: Are You Still Paying Taxes For Your California Foreclosed Home?

Home Sellers: Are You Still Paying Taxes For Your California Foreclosed Home?


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Is your home still giving you headache?
Are you still paying taxes for your California foreclosed home?

If you’ve tried all efforts to amend and reobtain your property to no avail, we at Equitas Property Development will be happy to help you.

Normally, the problems with a foreclosed property is that it was given up not by choice, but by a disadvantage. These properties were previously from homeowners who could not pay their monthly amortization due to different reasons – loss of job, income or other personal reasons.

Foreclosed properties will have compounded interest over time (meaning the amounts have been accumulated), therefore the properties will be pulled out by the developers or bankers to be sold to another interested buyer.

Most foreclosed properties are dilapidated, abandoned, water-stained or even vandalized, therefore the future interested buyers will have a hard time picturing a California foreclosed home as a livable house.

And due to the nature of its previous homeowner, a California foreclosed home can have existing payments for maintenance as well.

If you live around the area, you may have heard of the California Foreclosure Crisis where more foreclosures have occurred in California than any other place in the United States.

And for the record, according to JT Legal Group, the foreclosure process can be “confusing, intimidating and stressful”.

So, how do you sell your foreclosed property then?
And how do you pay the taxes that come with it?

 

You have five years to catch up on your payments

If you’re already facing foreclosure by the time you’re reading this, know that you have five years to catch up with your taxes.

The amount that you owe will include not only the taxes themselves but interests, penalties and costs that came from your delinquency as well.

If you ignore these payments, the worst case then is that your house will now be lost to a tax sale.

Now what can you do about it?

 

Understand the process first

Everything comes down to research when debunking a seemingly large task. For starters, a Notice of Default or NOD to the lender is the action to initiate the process of putting your California foreclosed home up for listing.

This process records your California foreclosed home into what they call as “pre-foreclosure” and you as the homeowner will receive a notice via mail or an in-person meeting regarding the details including the estimated date of sale.

 

Look out for the Notice of Trustee Sale

Once you’ve read about the laws concerning foreclosure in California, the next thing after NOD is the Notice of Trustee Sale (NOTS) which is basically an expression that you, as a homeowner, is selling your California foreclosed property through an auction.

This happens around Day 180 according to Borowitz Clark. You have 3 months after the NOD to get current on your back taxes. If you’re not able to do this then you will finally get the notice of sale for the auction of your home.

 

Auction day for your California foreclosed home

Usually the bank has to wait at least 20 days after the Notice of Trustee Sale is sent to the homeowner. There may or may not be delays to this process in court but once your house is up there, it will be sold to whoever bids the highest and you can’t do anything else to repossess your home.

 

We hope this information has guided you on how to get current on your California foreclosed home taxes.

If you’re still confused about this, please inquire freely and we will assist you on whatever you need to make this a smooth process.

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