When I got behind on my property taxes, my mortgage company paid the balance and is now doubling my house payment over the next 12 months. Needless to say, I can't pay a double payment. I was never late on my payments prior to now. Any recourse?
2006-06-28 09:25:16 · 5 answers · asked by broncoguy75048 2 in Business & Finance ➔ Credit
You have to be very careful when you have taxes and insurance in escrow. Taxes has to be paid. Contact someone in the customer service depart to see if they can help. Also, maybe they can give you an extension on your loan. Good luck. Credit history is very important.
2006-06-28 09:31:39 · answer #1 · answered by buckeye45694 4 · 0⤊ 0⤋
If you included your taxes and insurance in your payment...(ESCROWS) then you contracted with your lender to pay these items when they are due. Your payment would include the principal, interest, taxes and insurance. The portion for the taxes and insurance were taken out of the payment and put into an escrow account by your lender until they became due. The amount that they have escrowed sometimes is not enough to cover the whole payment, this usually happens when it was only estimated what the payments were or if the taxes were assesed since the closing. In this case the lender must raise your payment in monthly sums to make up the difference over time for when they are due. If you did not include your taxes and insurance in your payment at the closing then the lender has no right to change the terms on you. You have already told the lender that you will be responsible for the payments on your own. In this case you will have to pay taxes every 6 months and your insurance every year when they are due.
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2006-06-28 09:58:30 · answer #2 · answered by jonnylender 1 · 0⤊ 0⤋
1. get a copy of your paid property tax reciept, & mail a copy with your next payment. also contact customer service and let them know what's up.
2. pay any remaining escrow balance if it is in the negative. then ask the mortgage company to remove the escrow from your payments, and pay the taxes & insurance yourself.
this is a common occurence. the mortgage company is only trying to cover itself, so if you show them proof it has been paid they will remedy the situation.
2006-06-28 09:37:03 · answer #3 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
i thought that what the escrow was for was to stay on top of the taxes etc...you had to pay them?sounds to me like they are the ripoff for not doing there job.get an attorney,something just dont sound rite here.
2006-06-28 09:30:35 · answer #4 · answered by strange_busaman 3 · 0⤊ 0⤋
yes pay your taxes and deliver them the proof. They have this right since your home could be foreclosed upon by the county for back taxes. You would file a bk and they loose! get over it. $$$ up
2006-06-28 09:29:35 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋