If I am walking away from my house and I owe $70,000 more than it is valued at, should I still pay the taxes and insurance that are due next week?

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If I am walking away from my house and I owe $70,000 more than it is valued at, should I still pay the taxes and insurance that are due next week?

Asked on January 16, 2012 under Real Estate Law, Florida

Answers:

Sanford M. Martin / SANFORD M. MARTIN, P.A.

Answered 10 years ago | Contributor

     Generally, no.  Unless there are facts not disclosed in your inquiry, if you intend to allow

foreclosure of the property, there is no benefit

for you to pay taxes and insurance.  Whether the

property is transferred to another owner by

foreclosure, short sale, deed-in-lieu, or other

procedure, the taxes and insurance will be part

of the overall transaction.  You are advised to

inform the mortgagee that you are "walking away"

and willing to consider a short sale or other option rather than just moving out which could make you

vulnerable to claims of damage to the property.


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