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Three ARCK and property taxes/insurance

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Three ARCK and property taxes/insurance

This topic contains 2 replies, has 0 voices, and was last updated by Avatar of amyhutton amyhutton 9 years, 4 months ago.

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  • #6400
    Avatar of amyhutton
    amyhutton
    Participant

    I know that 3A is not responsible for the back property taxes or insurance, but…

    Do counties let homeowners who are way behind in taxes make a payment arrangement?

    When an owner hasn’t paid the PITI on a house since 2008, does the mortgage company make the homeowner insurance payments?

    Amy

    #32689
    Avatar of bill
    bill
    Participant

    No whomever the property owner is, or will be, is responsible…the county doesn’t care who pays it, they just lien the property until its paid…and will sell the lien as a tax lien (or deed) auction if necessary. If nobody pays up, you can buy the tax lien (or “tax deed” in some states) for pennies on the dollar.

    Bill

    #32690
    Avatar of amyhutton
    amyhutton
    Participant

    Yes, but will it be possible for a homeowner to make arrangements to pay the back taxes by paying a little extra on a monthly basis?

    Or will the owner have to make a lump sum payment?

    I ask because even though his payments after three arck does it’s thing will be considerably lower, if he has to pay back a lump sum of thousands of dollars he then won’t be able to make the 3A payments on time.

    This is especially true of the people who don’t have the $7995. If they don’t have that, they probably don’t have the tax money either.

    In my own 3 a situation I am still paying a monthly payment to the lender.

    Amy

    #32691
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Depending on the State, it may take several years of unpaid taxes before the State would sell it for taxes. Deal with the immediate issue and forget taxes for now. They should have several years to save for and pay all the back taxes or make arrangements. Let’s get the property saved first.

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