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When the bank accepts a short sale and we close, what happens to the taxes that were owed?

Florida |

I owed $ 300,00.00 and the bank accepted $ 65,000.00 at the closing, do I end up down the road paying the difference. They said no but I don't know if this will end up in a boiler room filled with laywers hired by the bank to go after all there short sales?

Attorney Answers 1

  1. You are liable for the property taxes that accrued while you own the property. However, the taxes remain a lien on the property even after the sale if not satisfied. The new owner takes the property subject to the taxes due.

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