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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31770
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I need help. My house was in foreclosure and I filed

Customer Question

I need help. My house was in foreclosure and I filed for bankruptcy in Chicago, Il. Before going through this process I attempted a modification in which the bank agreed to pay the real estate property taxes. I attempted to go and pay this years property tax since our foreclosure lawyer said that it was our responsibility to pay it but, I was surprised to find it was paid for. I need to know if the bank can pay the real estate property taxes and not try and take over the property through those means
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.
Hi - my name is ***** ***** I'll be glad to assist. Generally, the lender does have the right to pay the real property taxes or any liens that could compromise the lender's first lien against the property.
Expert:  Roger replied 1 year ago.
You should review your loan documents to see if there is such a provision......but I'm nearly certain it does exist as every loan I've closed in 13 years contains such a provision.
Expert:  Roger replied 1 year ago.
Most loan documents state that the lender can force escrow or pay any liens -- like taxes or a federal tax lien -- to ensure its lien position is not compromised and then assess that expense back to the borrower.
Expert:  Roger replied 1 year ago.
Usually, the lender will tack the expense to the end of the loan.
Expert:  Roger replied 1 year ago.
What's the status of the foreclosure now -- is it stayed from the bankruptcy? Or, did you file a chapter 13 bankruptcy in order to re-work the loan and get a new payment arrangement that you can afford.