If I filed bankruptcy but my home has not yet been forclosed on, am I responsible for the property taxes?I live in Las Vegas. I have not made a payment on my home since September '09, moved out of the property in July of '10 and filed for bankruptcy. I just got my discharge, but the house is still in my name. I purchased the home in March 2007, if that makes a difference. Will I owe a bunch of money when I... | |
Check here:
http://trweb.co.clark.nv.us/
Search by your name or the street address. It will show who the County thinks owns it and the past due taxes.
You shouldn't owe federal taxes because of the bankruptcy.
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RE If I filed bankruptcy but my home has not yet been forclosed on, am I responsible for the property taxes?
I live in Las Vegas. I have not made a payment on my home since September '09, moved out of the property in July of '10 and filed for bankruptcy. I just got my discharge, but the house is still in my name. I purchased the home in March 2007, if that makes a difference. Will I owe a bunch of money when I go to do my taxes next year and will the bank or IRS notify me of any forms I need to complete regarding this? If anyone has any answers they would be greatly appreciated.
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RE If I filed bankruptcy but my home has not yet been forclosed on, am I responsible for the property taxes?
I live in Las Vegas. I have not made a payment on my home since September '09, moved out of the property in July of '10 and filed for bankruptcy. I just got my discharge, but the house is still in my name. I purchased the home in March 2007, if that makes a difference. Will I owe a bunch of money when I go to do my taxes next year and will the bank or IRS notify me of any forms I need to complete regarding this? If anyone has any answers they would be greatly appreciated.
I'm not a lawyer. Now that's out of the way: You should claim your homestead expemtiion in your bankruptcy, if you haven't already. Your bankruptcy trustee (judge) will determine which of your debtors will be paid, the properotion they will be paid (5-90 cents per dollar owed), etc. BK judges really do have amazing powers.
Your mortgage company can't come after you for anything, including prop taxes, you owe without filing a lien/judgement against you personally since your property is gone/in BK court. The mtg company won't do this due to legal costs. Most likely, your mortgage company will motion the BK court for a Relief of Stay, which will allow them to continue the foreclosure (FC) process (sometimes from the day the BK stopped the FC and sometimes they start the process over).
Bottom line: Your foreclosing mortgage company stands to loose all of thier equity and thier 1st position place on your property's title if the property gets tax liens recorded against it. (Delinquent property tax liens are superior to just about every other type of lien, except IRS.) They (your mtg company) will pay your property taxes throughout the FC and BK and then try and sell your property (then known as REO - Real Estat Owned assets of the mortgage company) through a local agent for a lesser commission.
Happy to help further, if you need it.
Property taxes are paid by the owner, plain and simple. If your name is still on record as the legal owner, then you're still legally liable for the property taxes. When someone else (banks included) takes over as the legal owner, the property taxes are pro-rated to the day and the new owner is liable for taxes from the day they take ownership.
So the real question is did the bank take ownership of the house through the bankruptcy procedure?
You need to check with your bankruptcy attorney. Secured loans are not normally included in bankruptcy automatically. If yours was not, you still owe everything on it. Once it's foreclosed upon the lender can go after you for any shortfall if the loan is a recourse loan. Even if it's a non-recourse loan, they can go after you for any unpaid property taxes accrued up through the date of the foreclosure.
As far as taxes are concerned, if this was your principal residence and the loan was a purchase money mortgage (most first loans are) then you would most likely be covered by the The Mortgage Forgiveness Debt Relief Act as explained in the following link: http://irs.gov/individuals/article/0...
The house owes the taxes not you. Whoever gets the house gets it with the property tax bill.
did you give the keys back to the bank?
there shouldn't be any income tax effect to filing bankruptcy - there wasn't when I did it
