I spoke to a man a while ago who was worried that his house was going to be repossessed by the bank. In an attempt to see a silver lining on that cloud his friend suggested that at least he wouldn’t have to worry about the property tax if it happened.
That got me thinking though. You must pay the property tax on any property you own, right? But when you take out a mortgage you do not technically own the property until the money is paid back to the bank, right? I mean look at the guy under threat of losing his if you don’t believe me. Until the day you have the deeds of the property in your hot little mitts and not a penny is owed on it, it isn’t yours. Until then, the bank retains the deeds as their own.
So who owns the place in reality and therefore who is liable for the property tax? If the bank re-possesses yer man’s house, will they, (the bank), have to pay the property tax on it until they dispose of it? By extension then, should the bank be paying your property tax until the mortgage is cleared?
I’m just saying ……….