If I’m foreclosed on, what am I still responsible for paying?
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If I’m foreclosed on, what am I still responsible for paying?
Asked on May 30, 2012 under Real Estate Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the foreclosure has actually occured, you are no longer the owner of the property. You would not be responsible for new taxes or mortgage, though would still be resonsible for any amounts you had previously not paid, while owner. Also, while you are not directly responsible (i.e. to the bank or municipality) for mortgage and taxes, if you are still residing there, whomever owns the home now, after foreclosure (e.g. a lender) could likely require you to pay the pro rata share of these elements during your residency.
You would still be responsible for utilities, if such are in your name and/or you are making use of them. Contract your insurer or iniurance agent to check liability in regards to your insurance policy, and when in doubt, you are better off paying the insurance to maintain the protection, especially while you are still living there. You will also be responsible for the cost to repair/replace any damage you do to the premises.
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