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I don't think the county - to which property taxes are paid, rather than cities (they get their cut from the county) - really cares who is responsible for the fact that the payment is late. Late is late. As for consequences, here's what they are in Wake County:
Yep, that's how we role here And, they used to post the names of Wake Co. delinquent taxpayers in the News & Observer. I think they still do this?
I haven't read all the other comments in the thread, so by now this has probably been answered.
I pay property taxes, not for Wells Fargo although they are on of our clients. We usually pay property taxes at least 1 month ahead and sometimes more. Since you are escrowed, if there is any P&I that accrues they would be responsible for paying that. They wouldn't charge that to your escrow. If you were nonescrow and didn't pay your own taxes you would be responsible for the base and P&I.
Also, I don't understand why someone wouldn't go ahead and pay it then. Whoever you spoke with must not have understood or knew what was going on. Even if they didn't receive you fax they could just contact the jurisdiction and issue payment. In N.C. it's really simple.
I really wouldn't worry about it over a day as long as it's paid and you don't get charged any additional fees.
Be aware that your mortgage can still end up back at WF. I had WF, but refinanced with another institution through a broker after I negotiated a lower interest rate than WF was offering me to refinance and stay with them. We closed on the new loan and hadn't even made the first payment yet when the loan was sold back to WF.... go figure!
So your mortgage can be sold to another bank or institution without your permission as long as the terms of the original loan agreement are not changed.
Good point and thanks! I don't really care who has the mortgage as long as it's saving me money. This is the second time I've refinanced since I bought my house in 2006. I'm almost 2% points lower now than in '06. paying about $250 less per month, even with the new county appraisal in '08.
This is why my wife and I elect not to have our mortgage holder pay the taxes but instead to pay it ourselves .. the same goes for the insurance.
Most mortgage companies will not allow you to do that unless you put 20% down.
Some people cannot put 20% down.
Some people want the convenience of letting the mortgage company pay the taxes and homeowner's insurance. I don't know of any time that it was paid late so really, it is a non issue. We are just trying to explain it to the OP.
This is why my wife and I elect not to have our mortgage holder pay the taxes but instead to pay it ourselves .. the same goes for the insurance.
We dont have an escrow account either. We have a savings account just for taxes and insurance. I transfer Ia set amnt each month from our checking.
About 5 years ago (when we still lived in MA and property tax were billed twice a year) we received a $1000 escrow refund and I immediately knew there was a mistake. I contacted Wells Fargo, they investigated and informed us in writing that its not a mistake and that our taxes were paid in full. I still wasnt satisfied and marched down to town hall to personally consult the tax collector. For some reason WF only paid half of the amnt due and our account was delinquent with penalties and interest! WF acknowledged their error, paid all penalties and interest. They agreed to close our escrow account (with only about 5% equity) and let us pay our own taxes provided that we furnish proof of payment every 6 months.
When we bought our new house they agreed to no escrow acct as well but that might have been because we put down more than 20%.
I just checked my account, and Wells Fargo paid my property tax on Dec. 20, and Wake County marked it as paid today.
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And, they used to post the names of Wake Co. delinquent taxpayers in the News & Observer. I think they still do this?
No Escrow
