Foreclosure - Property Taxex

[John Scott]

What is the name of your state? Indiana

I'm being foreclosed on my money pit (aka house). I realize my credit gets trashed, etc.... but is that it? Am I responsible for property tax until someone the bank sells the house at auction. What about any liabilities from something that may occur when my house is vacant?

Thanks

 

[JETX]

I'm being foreclosed on my money pit (aka house). I realize my credit gets trashed, etc.... but is that it?

Nope. Several things could happen. Some are:
- The lender can pursue you for their damages (loss) due to your breach.
- They can also report that 'loss' to the IRS (form 1040-C) and then you will be liable for the taxes on any 'forgiveness'.

Am I responsible for property tax until someone the bank sells the house at auction.

You are liable for any taxes incurred during your home ownership. The minute the bank or bidder takes ownership, your obligation ends.

What about any liabilities from something that may occur when my house is vacant?

See above.