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Re: property taxes

Posted by steele in minnesota on February 27, 2007 at 17:10:45:

In Reply to: property taxes posted by mike on February 26, 2007 at 19:40:54:

May be a bit of confusion here in the answers. The way I read your question, Mike, your house was foreclosed upon as opposed to a tax sale.

If that is the case, and the bank got the property back as is often the case in states like yours and mine (long redemption), the lender will end up making the back taxes up when they sell the house. The local goverment is not dumb. The taxes stay with the house. They don't leave with you.

So in order to give clear title to a future buyer the lender owner will need to bring the taxes current. My experience with a number of banks is that they will do that at the closing, not before.

Did we answer the right question?

Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC Real Estate
Minneapolis, MN
steelep@aol.com
www.MinnesotaForeclosureNetwork.com


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