If I am walking away from my house and I owe $70,000 more than it is valued at, should I still pay the taxes and insurance that are due next week?
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If I am walking away from my house and I owe $70,000 more than it is valued at, should I still pay the taxes and insurance that are due next week?
Asked on January 16, 2012 under Real Estate Law, Florida
Answers:
Sanford M. Martin / SANFORD M. MARTIN, P.A.
Answered 12 years ago | Contributor
Generally, no. Unless there are facts not disclosed in your inquiry, if you intend to allow
foreclosure of the property, there is no benefit
for you to pay taxes and insurance. Whether the
property is transferred to another owner by
foreclosure, short sale, deed-in-lieu, or other
procedure, the taxes and insurance will be part
of the overall transaction. You are advised to
inform the mortgagee that you are "walking away"
and willing to consider a short sale or other option rather than just moving out which could make you
vulnerable to claims of damage to the property.
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