ghostpainter
I Write for the Apocalypse
Premium,MVM
join:2002-05-25
Rancho Cucamonga, CA
clubs:
| reply to 81399672
Re: How many tax defaults can u have before u lose your house?
Most people I know who live in homes pay quarterly tax bills, unless they are under HUD like I am with this double wide I live in, then we pay once per year.
So presuming that he is on quarterly, is he paying two or three quarters then missing one? And if he is on HUD, and missing payments, a lot of times they will attach a Lien to the house for each non payment....Then when the home is sold, all of the liens have to be paid before the home can be sold.
There are Home Owner policies that cover non payment of taxes....a lot of questions need to be asked of your friend before a correct answer can be provided.
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81399672
Premium
join:2006-05-17
Los Angeles, CA | I know he pays 2 installments and i would surprised if it was under HUD, not my friend just my neighbor and i just happened to notice it when i was surfing the web and was bored
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i am not a lawyer but I do play one on tv |
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dogma
Premium
join:2002-08-15
Boulder City, NV
| Missed tax payments can result in additional interest, penalties, collection costs and legal fees if they are not paid on time. If the property is in one of the special financing districts, such as Mello-Roos, every effort to pay the bill on time should be made to avoid any "accelerated" foreclosure action.
From what I have seen, the State is not very interested in Foreclosing and taking property, as they can ONLY recover the taxes owed. Once the [unpaid] tax bill/interest/penalties adds up over some years, they may sell the tax liability (I think that would be it) to a third party. This way, the taxes are paid, and now the "third party" can take lien holder actions, including foreclosure.
At 2 missed payments, it's not really such a big deal, unless it a Mello-Roos like situation. |
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Lovehound
join:2005-08-18
Northridge, CA
| reply to ghostpainter
said by ghostpainter  :Most people I know who live in homes pay quarterly tax bills... Taxes in Los Angeles County are due and payable twice a year, IIRC it's December 10th and April 10th. However, some people are on "learner permits" (a joke) and have impound accounts where an intermediary pays their taxes and they presumably make monthly payments to the intermediary which include interest, principle, property taxes and often home owner's insurance.
The going setup is to pay 20 percent down and nobody will ask you for an impound account. Then you can be a grown up and pay your property taxes and insurance yourself, and pay the penalty if you forget. |
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