Mortgage is paid off - yay!

[ChessieMom]

Originally Posted by Mightyqueen801

But still--my first question would be "OK, how do I pay my taxes now" and run over to the town hall to talk to the clerk.

Right? This is just basics in homeownership. I expect that there are very few people that don't know they have to continue to pay real estate taxes when they pay off the mortgage. It's stupid simple to make a phone call to the city treasurer (or whoever you pay taxes to) or send an email, or just get in the car and pay them a visit. Or...you can just wait for the bill to show up, And they WILL send a bill! You can bet money on that.

[jbgusa]

Originally Posted by Mightyqueen801

Why wouldn't they pay the property taxes? Surely they are smart enough to know to go to the municipality and pay the tax. Even my 83-year-old old lady friend, whose brother paid off her mortgage for her a few years ago, knows to go over to the municipal hall and pay her property tax on her condo.

Originally Posted by Mightyqueen801

But still--my first question would be "OK, how do I pay my taxes now" and run over to the town hall to talk to the clerk.

Originally Posted by ChessieMom

Right? This is just basics in homeownership. I expect that there are very few people that don't know they have to continue to pay real estate taxes when they pay off the mortgage. It's stupid simple to make a phone call to the city treasurer (or whoever you pay taxes to) or send an email, or just get in the car and pay them a visit. Or...you can just wait for the bill to show up, And they WILL send a bill! You can bet money on that.

I never said these people were the most sophisticated in the world. Indeed, the fact that some mortgages require an escrow provides the lender protection from property tax interests in "Blackacre," which are senior to that of the mortgage lien. My mortgages have always been non-escrow, but my wife and I are obviously self-disciplined, intelligent people.

[ChessieMom]

Originally Posted by jbgusa

I never said these people were the most sophisticated in the world. Indeed, the fact that some mortgages require an escrow provides the lender protection from property tax interests in "Blackacre," which are senior to that of the mortgage lien. My mortgages have always been non-escrow, but my wife and I are obviously self-disciplined, intelligent people.

Plenty of people that are “self-disciplined and intelligent” have escrowed mortgages. It’s simply convenient.