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Have you checked the county website yet to see how much they paid in taxes and when? On my county's website, I can get a full property tax history going back to prior owners.
I don't know about "Newly", built in 2006 owned once foreclosed and then we bought it in jan 2009,,, someone who used to work in this banking field looked at the paperwork for us and said that they didn't keep or put anything in escrow for anything down the road.Ps..... are they limited as too how little that they can put in escrow as well..
Again. You have to look at the loans docs too see what the arrangement was as far as escrow for taxes. It's all guess work here unless you look at the loan docs.
You should have received tax bills throughout the year of 2009. If you didn't pay them and assume that the lender is paying then you should expect a shortage of escrow at the end of the year.
Every monthly statment from your mortgage account should clearly spell out what goest to principle, interests and escrow. To be that much off, you must have not looked at any of your monthly statement.
Before blaming the lender or the closing company, you need to get all your documents together first.
Before blaming the lender or the closing company, you need to get all your documents together first.
Agreed; I do need to look at these doc's, and we have again and again, but it was my understanding of an FHA type loan that there were strict guidelines with this type of financing,, (like everything being wrapped up tight for the customer from the loan company so as nothing is overlooked or "Not Paid",, Taxes and ins. included in payment.. this is why i'm scratching my head so much about it) That these companies take something what can be so simple and turn it into a fiasco, I don't wonder why people have lost their homes and will continue to, but I can clearly see why.
Last edited by Blockheadofaknew; 03-03-2010 at 12:17 PM..
I don't know about "Newly", built in 2006 owned once foreclosed and then we bought it in jan 2009,,, someone who used to work in this banking field looked at the paperwork for us and said that they didn't keep or put anything in escrow for anything down the road.Ps..... are they limited as too how little that they can put in escrow as well..
Ya, after that amount of time your taxes should have been 'up to speed'.
Take a look at your settlement statement (HUD 1) from your closing to see if they held back any $ to fund your escrow account. You should find this on lines 1001 and 1004. Borrowers are required to escrow on FHA loans, so if there is nothing on those lines then your lender definitely screwed up.
Quote:
it was my understanding of an FHA type loan that there were strict guidelines with this type of financing,, (like everything being wrapped up tight for the customer from the loan company so as nothing is overlooked or "Not Paid",, Taxes and ins. included in payment.
This is true.
Have you been paying into your escrow account since your loan started? It should show on your monthly statement with a break down of principal, interest, mortgage insurance and escrow.
Ya, after that amount of time your taxes should have been 'up to speed'.
Take a look at your settlement statement (HUD 1) from your closing to see if they held back any $ to fund your escrow account. You should find this on lines 1001 and 1004. Borrowers are required to escrow on FHA loans, so if there is nothing on those lines then your lender definitely screwed up.
This is true.
Have you been paying into your escrow account since your loan started? It should show on your monthly statement with a break down of principal, interest, mortgage insurance and escrow.
Who was the lender?
Thankx for seeing a little more of my point than some folks,,, I'm still not sure of any exact figures just yet until i get home today,, but this is where i believe someone missed the mark,, thankx for the line by line info-I'll definitely check this info. My lender was National City Mortgage who has now given over loan to PNC.
I've not seen an adjustment that large on a non-new construction property. As others have said, this is very very common on new construction. That is a HUGE adjustment for one hit.
I'm guessing that they were short enough in the escrow that they are having to make up the deficit AND get enough for this year's payments. If that is the case, it should adjust down substantially next year, when they aren't needing to play catch up anymore.
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