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Old 07-21-2013, 08:24 AM
 
1 posts, read 1,292 times
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I'm doing a conventional refinance since I have 40% equity and not escrowing. My closing is Monday. My closer calls me Friday and says I need like $2041 for closing. She said the HUD rule is if your property tax bill is due within 90 days then you have to pay it up front?

My property tax bill comes in September, but I can pay it in December with no penalty's.

I starting thinking about this today and obviously I can't get in touch with my closer today. Where is BOA gonna put this money since I don't have an escrow and when I get the bill in the mail how does it get paid by them?

Thanks for any advisement
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Old 07-21-2013, 08:39 AM
 
Location: Austin
7,084 posts, read 16,924,489 times
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If it truly is for taxes, the title company would cut the check to send out to any third party, which would include the tax office. However, what you're describing sounds odd. I've never heard of this, especially when escrows are waived.
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Old 07-23-2013, 09:33 AM
 
Location: NJ
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that is a standard rule any where even the small lenders like myself. I use to work for a large lender as well. same goes with home owners insurance. If it is owed within 90 days whether you are escrowing or not, it needs to be paid at closing.

The processor for you loan shoul dhave gotten from the tax office a copy of the bill and the lender/closing agent will pay your tax bill. so you will have no taxes to pay when your bill comes and/or it should say paid in full.
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Old 07-29-2013, 10:43 AM
 
4,546 posts, read 11,561,578 times
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Quote:
Originally Posted by swirvin704 View Post
I'm doing a conventional refinance since I have 40% equity and not escrowing. My closing is Monday. My closer calls me Friday and says I need like $2041 for closing. She said the HUD rule is if your property tax bill is due within 90 days then you have to pay it up front?

My property tax bill comes in September, but I can pay it in December with no penalty's.

I starting thinking about this today and obviously I can't get in touch with my closer today. Where is BOA gonna put this money since I don't have an escrow and when I get the bill in the mail how does it get paid by them?

Thanks for any advisement
This is normal. The title company will be cutting a check directly to the county to pay your taxes.
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