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Old 04-30-2008, 05:34 PM
 
4 posts, read 8,467 times
Reputation: 11

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My account is not impounded...was behind 3yrs. in property taxes...received zero threatening notices from the county...never late on my mtg. payments...this is not an equity line of credit either, so why did my Mtg. Co. pay the entire amount owed. I realize the unique situation we are in, and the mtg. co. I'm sure is trying to protect their interest and keep me in the house, but I did not give them approval. It's been 2 weeks so far, have not received any notice from them regarding this. Just curious with 2 questions; Can they legally do this, without my approval and no impound? If it is legal, what is most likely to happen next?

ty
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Old 04-30-2008, 06:06 PM
 
Location: OK
2,740 posts, read 6,464,056 times
Reputation: 1889
Quote:
Originally Posted by jetr08 View Post
My account is not impounded...was behind 3yrs. in property taxes...received zero threatening notices from the county...never late on my mtg. payments...this is not an equity line of credit either, so why did my Mtg. Co. pay the entire amount owed. I realize the unique situation we are in, and the mtg. co. I'm sure is trying to protect their interest and keep me in the house, but I did not give them approval. It's been 2 weeks so far, have not received any notice from them regarding this. Just curious with 2 questions; Can they legally do this, without my approval and no impound? If it is legal, what is most likely to happen next?

ty
Have no illusions. They didn't do it because they want to keep you in the house. They did it so your house wouldn't be sold as a tax sale. Once the house is sold as a tax sale they have little to no chance of getting their investment back.
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Old 04-30-2008, 06:09 PM
 
Location: San Diego California
6,797 posts, read 6,299,438 times
Reputation: 5175
They will add the amount to your mortgage. You will probably find that you agreed to it when you signed your mortgage.
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Old 04-30-2008, 07:07 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,313,142 times
Reputation: 1008
remember that THEY own the house.

Ppl fail to realize that your actual ownership is a lot less than the bank.

You put 10% at closing....you only OWN 10%.
Of course the time changes, and your value increases, but not in this market.

You're lucky the county didnt foreclose your home.
They get paid first before anyone does.
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Old 04-30-2008, 07:17 PM
 
Location: Great State of Texas
86,093 posts, read 72,250,415 times
Reputation: 27564
The house belongs to the bank, not you as long as you owe the bank.
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Old 04-30-2008, 07:23 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,313,142 times
Reputation: 1008
They also make you sign a form that states that you will be current with homeowners insurance and property taxes. If you dont pay your homeowner's....they'll find you one. It's usually 2-3 times higher than the normal price
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Old 04-30-2008, 07:39 PM
 
4 posts, read 8,467 times
Reputation: 11
Appreciate the responses, very helpful. However, I am aware of the Mtg. Co. posistion with my home, just found their action highly unusual, or I should say, I haven't heard of it before. Guess I'll just have to wait for my statement or a correspondence from the Co. to see which way they are going with this. Although, I have also heard the same as jimhcom's response, about adding to the existing principle...I can handle that. Anymore responses are definitely welcome....ty again!
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Old 04-30-2008, 07:41 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,313,142 times
Reputation: 1008
you dont hear of it because you dont hear of ppl not paying the property taxes.

i would read your loan documents
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Old 04-30-2008, 08:28 PM
 
4 posts, read 8,467 times
Reputation: 11
so renriq, do you think the Co. will just add it to the principle?
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Old 04-30-2008, 09:15 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,313,142 times
Reputation: 1008
they will probably send you an invoice first, and give you 30days to respond.
I REALLY doubt they will add it to the principal....they'll probably just raise your mortgage payments

Quote:
Originally Posted by jetr08 View Post
so renriq, do you think the Co. will just add it to the principle?
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