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Home · Guides · The Various Costs of Property Foreclosure

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The Various Costs of Property Foreclosure

When a property goes into the foreclosure process, the owners of that property are often a bit more concerned about the actual mortgage than they are other costs. There are however, many costs associated with owning a property. The mortgage is often the highest cost but other things like insurance, taxes and homeowners association fees should also be considered when buying a home.

If these fees are not paid then the homeowners may find themselves completely unable to bear the cost of bringing their home out of foreclosure. County property taxes must be paid in order for a homeowner to keep their property. When these taxes are not paid, the county or city government can force an auction sale of that property in order to recoup their costs. There are a number of tax sales on properties held every week and many homeowners lose their homes due to not paying their property taxes for two or more years at a time.

Those looking to keep their homes out of foreclosure will also need to ensure that their property taxes are paid. Homeowner’s association fees must also be paid along with homeowner’s insurance. When a home goes into foreclosure, there are many costs that a homeowner may bear in order to bring their payments current. While many mortgage loans have escrow accounts that pay property taxes and insurance, this is not always the case. If you are unsure of whether or not your taxes and insurance costs are included in your mortgage payment, you should check with your mortgage loan holder and determine if these costs are covered by your loan or if you are responsible for paying them separately.

Foreclosures are often the main concern for homeowners having financial difficulties but there are times when the smaller costs associated with owning a home are what cause a homeowner to lose their property.

17.01.2013. 09:05


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