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Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34421
Experience:  30 years of real estate practice experience.
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What recourse does bank have if real estate taxes are not

Customer Question

What recourse does bank have if real estate taxes are not paid and bank has granted a business loan collateralized by property ? The loan is coming due in two months and is yet to be renewed.
Submitted: 12 months ago.
Category: Real Estate Law
Expert:  Loren replied 12 months ago.

Good evening. I am Loren, a licensed attorney, and I look forward to assisting you.

Usually, in the case of collateral endangered by unpaid real estate taxes, the bank will advance the taxes owed by paying directly and add the amount paid to the loan.

They may then, if the terms of the loan allow, they could require an escrow for the payment of future taxes.

Expert:  Loren replied 12 months ago.

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