Real Estate Tax Payments

Between July 1 and December 31, real estate taxes are due for many jurisdictions. The great majority of homeowners with mortgages escrow their real estate taxes. Quite a few just automatically make that monthly payment which includes principal, interest, taxes and insurance. They do not really take the time to check and see if the bank or mortgage company actually made the tax payment to the local taxing authorities.

With all of the recent bank failures, it might be a good idea to check and see if your mortgage company actually paid the real estate tax bill. Mortgages are being transferred quite more frequently lately, and with all of the turmoil in the financial markets, you want to make sure that your real estate tax bill does not get overlooked. Last year a few companies went out of business without forwarding the monthly escrow payments on to the tax authorities. And this was before the real financial crisis hit!

Many counties have a web site where you can actually check to see if the bill has been paid. It might be worth your while to print out the bill showing that the taxes have actually been credited to your account. If the taxes have not been paid promptly, contact your mortgage company promptly. You are still responsible for the payment of the taxes even if the bank fails to pay them.