My mortage co. raised my payment $254.00 cause they took over paying my taxes. Now my payment went to $1016.00 a month. This was w/o our consent. I called the courthouse and they said as long as they hold the deed they can do it. But the thing is it's for 48 mopnths. Your talking over $12,000.00 for future taxes. I did contact a lawyer, waiting for them to call me back.
I think this is unfair for future taxes, when they don't even know how much they will be. This is appox. 4 yrs ahead of payment.And if they collect interest on this, who knows.
I tried to refinance and they said we make too much money. Did you ever hear of that? It's a well known big bank that took over another bank & we don't like them at all!!
Just venting, thanks for listening.
seahawk
1|1|I've had my mortgage fluctuate due to escrow (taxes and insurance) but that was set up to be paid by my mortgager when we closed on the house....if you are paying your taxes without penalty, then why would the mortgager care? I think you are on to something with them collecting the tax monies each month and making some revenue on them before they have to pay the taxes out of those monies. |saint6811|waylan@comcast.net|20:52:11|12/05/2010|
Posted on Dec-05-10 at 08:52 PM (Eastern) by 98.213.152.114
ETA: What are your current taxes per year? Would that $12,000 divide correctly over 4 yrs to be the same?
" You'll get what's coming to you ... Unless it was mailed."
2|2|Yes they can legally pre escrow & then escrow monthly for your taxes. they usually do six months in advancce then divide the total for the year by 12 and add it on. It's almost always required to be escrowed now|Kristy|mi3zons1@yahoo.com|21:34:02|12/05/2010|
"Women should not have children after 35. Thirty-five children are enough." - anonymous (Only 28 to GO!) 3|1|any money held in escrow is required to pay you interest put it is very low. If you|tollman62|thebossatnight@yahoo.com|21:46:19|12/05/2010|
tried to refinance and they said no go somwhere else. If your equity to loan reatio is high enough some places do not require escrow for taxes or PMI payments
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you always hear noises in the dark when you work at night 4|2|In Maryland you have to be 20% invested before you can drop PMI but you can't ever drop escrow of property tax|Kristy|mi3zons1@yahoo.com|21:53:24|12/05/2010|
"Women should not have children after 35. Thirty-five children are enough." - anonymous (Only 28 to GO!) 5|1|Kristy - really? You don't have a choice in MD?|whitmarg|robin@whitmannet.com|13:53:46|12/06/2010|
I've been in my house for a ghastly 27 years and only the first two years did we do a tax escrow. After that, we refinanced and the first thing the bank asked was would we be willing to take on the tax payments ourselves. There are administrative costs with setting up an escrow. I was fine with doing it myself. The amount of interest you make on the escrow is about the amount needed to affix a first class stamp to an envelope!!! 6|2|It might be in all of that microscopic fine print that is a mortgage...|Sara_s_Mom|IClipCoupons@gmail.com|15:53:32|12/06/2010|
Back years ago when I was a loan closing secretary for an attorney, it was rare to get a loan that didn't require escrows. Mind, that was back before the bubble burst. I know, who reads all that... but yeah, it is probably in there, as well as a few other goodies that favor the bank.
If you had a good payment history before, then definitely argue that you've had no problems paying your taxes and want to continue to do so.
How did you pay your taxes before? We started a specific bank account for paying odd-ball bills that are quarterly or bi-annual to help take the sting out of having to pony up so much money at one time.
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7|1|my mortgage|joseph|parkerjoe3@yahoo.com|12:45:51|12/07/2010|
went up 200.00 dollars a month even though the taxes and insurance stayed about the same when i looked at how much we'll have in escrow at hte end of the year i called the bank and was told we may get a refund if we have a plus at the end of the year if you google escrow there is a lot of info of which a copied everything. 8|1|escrow the taxes, sure, but...|msallen|m-sallen@juno.com|17:23:13|12/07/2010|
If I read your post correctly, they are trying to make you pay 4 years' worth of taxes in 1 year? I'd say talk to the lawyer- there is probably a limit to how much "cushion" there can be in an escrow account. Ours has to have 2 months' worth of extra, and each year the bank evaluates how much is in there and recalculates our monthly payment. Usually it goes up by a few dollars, maybe $10, and last year it went down (b/c city taxes went down due to assessment dropping).