I hold the mortgage on a property that the mortgagee has not paid property taxes on the past 3 years. I just found this out. What happens if the county siezes the property due to unpaid taxes? Will I have just lost any claim to the property?
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I hold the mortgage on a property that the mortgagee has not paid property taxes on the past 3 years. I just found this out. What happens if the county siezes the property due to unpaid taxes? Will I have just lost any claim to the property?
This is REALLY a legal question best posted in the LAW Forum.
That said, I believe that your lien, as the primary mortgage holder, supercedes the country's claim on the property. However, YOU would have to pay the property taxes to retain your rights as first lien holder, then sue the mortgagee for those taxes.
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