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| *Loan,banking and credit>>>property tax |
Has anyone had a problem with their Mortgage company 'reassessing their escrow schedule' for property taxes? |
My mortgage company recently raised my payments by $440 per month to 'make up for' taxes because they have 'reassessed their escrow schedule'. Basically, they do an escrow analysis each August. This year, they paid my 2nd installment of taxes in August (not September, when due), so that they could include the 2nd installment in the escrow analysis, done in August. Are they doing this because so many people are defaulting loans now and they are not recovering the taxes they have paid? What else could be the logic? I have to think that if this is happening everywhere, the results could be devastating to homeowners. I tried calling them and they gave me some lame answer about how the county called them and made them pay it in August, but that doesn't make any sense to me. Thank you. That's standard practice throughout the industry. The tax bill can be paid at any time after the bills are rendered and prior to the due date. Most mortgage companies have hundreds of thousands of tax bills to pay form the escrow accounts so they don't have the luxury of waiting until the last minute to make the payments. Most tax bills are due upon receipt. Your tax bill was due as soon as the mortgage company received it. They do NOT have to wait until the date that it would be late to pay it. A $440 increase hurts, but I've seen increases much higher than that. I haven't heard about this yet . . . Are you receiving a pre-payment discount . . . we have them in Florida. Your guess sounds correct . . . no that answer doesnt make sense. the county doesnt reach out to escrow holders. Do the math yourself...you have your tax figures, does it make sense that that amount needs to be charged to you? If it doesnt, call them and raise heck. Did you homestead your property? Alot of times they will add an estimate of taxes based on if your property will be homesteaded. If you have done that, then you are right, it doesn't make any sense. $440 a month is a huge jump. Maybe you should call your tax assesors office and find out what is up - also if you haven't homesteaded you need to do that to drop your taxes tremendously. good luck They are doing this as a FAVOR to you AND to cover their butts! Your city/county are the culprits, they have jacked-up the property tax rates where you live, and the part of your monthly payment that is saved each month to go towards paying your property taxes is no longer sufficient to cover the bill. Have you checked to see if your taxes went up? My taxes go up every year and then so does my mortgage payment. I wonder how this $440 a month increase compares to your total tax escrow payment. It sounds huge. If it is a one time payment of $440 and then your payment goes back to what it was before it might make sense. But if your escrow payment went permanently up $440 higher each and every month that sounds like a lot more than just adjusting for making the tax payment a month early! They are not allowed to use your escrow to cover someone else's taxes so your guess about recovering the taxes on other loans can't be true. Call the county and ask about your property taxes. |
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