For example, our homeowner's insurance is in an impound report, as well as property taxes. Will any of this come rear legs or will it be absorbed into what is owed to the lender?
Answers: Likely no.
Since you are responsible for taxes until the morning the home is foreclosed on or sold.
Since your being foreclosed on, it is plausible you owe more taxes + insurance than you have accrue.
You're kidding, right? First they money isn't your money. It's for the taxes and the insurance. And until the arbiter oks the foreclosure, you still own the house and owe on it.
YOu will owe the bank the difference and the IRS taxes on the difference.
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Answers: Likely no.
Since you are responsible for taxes until the morning the home is foreclosed on or sold.
Since your being foreclosed on, it is plausible you owe more taxes + insurance than you have accrue.
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You're kidding, right? First they money isn't your money. It's for the taxes and the insurance. And until the arbiter oks the foreclosure, you still own the house and owe on it.
YOu will owe the bank the difference and the IRS taxes on the difference.
Resolved Questions: