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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?
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.
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
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!
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
so renriq, do you think the Co. will just add it to the principle?
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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?
