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Old 02-03-2013, 02:16 PM   #1
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Bank of America VENT

They paid my property taxes for 2012 in 2013. I now owe taxes instead of getting a refund.



That is good Disney money down the drain right there!
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Old 02-03-2013, 03:07 PM   #2
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The property taxes I pay for now go for the first half of 2012. In July I will pay the property taxes for the 2nd half of 2012.

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Old 02-03-2013, 03:12 PM   #3
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Quote:
Originally Posted by Tuffcookie View Post


The property taxes I pay for now go for the first half of 2012. In July I will pay the property taxes for the 2nd half of 2012.

TC
i think they missed her first payment... just checked my late payment amount and its $200 more...
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Old 02-03-2013, 03:30 PM   #4
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The property taxes I pay for now go for the first half of 2012. In July I will pay the property taxes for the 2nd half of 2012.

TC
Well Ohio seems a bit strange then -- I've never heard of any municipality billing taxes over a year in arrears.

I've dealt with numerous properties in several different states and property taxes were always due in the current year -- most often in April & July.
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Old 02-03-2013, 03:50 PM   #5
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Ugh, I'd be pitching a fit. The difference here is pretty big, about 20% - pay by 12/31 and you're fine, but after 1/1 you get hit with a huge late fee!
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Old 02-03-2013, 04:12 PM   #6
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I have Bank of America and feel your pain
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Old 02-03-2013, 05:14 PM   #7
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So...

1) Arrange for BoA to not take taxes as part of your escrow, you hold the money and you pay them.
2) Refinance with a different company
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Old 02-03-2013, 05:17 PM   #8
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Quote:
Originally Posted by sam_gordon View Post
So...

1) Arrange for BoA to not take taxes as part of your escrow, you hold the money and you pay them.
2) Refinance with a different company
Do most lenders allow this? Escrow for the property taxes and homeowners insurance was written into our loan paperwork and we were told that it wasn't optional. Maybe that's because we had a low down payment (10%) loan?
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Old 02-03-2013, 05:20 PM   #9
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Do most lenders allow this? Escrow for the property taxes and homeowners insurance was written into our loan paperwork and we were told that it wasn't optional. Maybe that's because we had a low down payment (10%) loan?
I honestly don't know. It would worth finding out about though.

Of course, I would be calling BoA asking if their policy is to pay taxes after 1/1 (hence incurring the late fee). If that's their policy, I'd look for another lender who didn't have such a policy.
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Old 02-03-2013, 05:21 PM   #10
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Whew, I pulled up our BOA mortgage info real quick after I read your post. Luckily BOA paid our taxes on 12/10.
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Old 02-03-2013, 05:22 PM   #11
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Quote:
Originally Posted by Colleen27 View Post
Do most lenders allow this? Escrow for the property taxes and homeowners insurance was written into our loan paperwork and we were told that it wasn't optional. Maybe that's because we had a low down payment (10%) loan?
I have a BofA mortgage and I pay my own property tax. It is not escrowed. I didn't have a low down payment loan, so I can't answer that.
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Old 02-03-2013, 05:40 PM   #12
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We pay our own taxes and insurance. Have on all houses but the first 2 (we are on our 10th). That is one of our requirements when we get a loan. We also have over 20% down.
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Old 02-03-2013, 05:48 PM   #13
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Most banks require that they pay the property taxes and insurance if you put less than 20% down, until you have 20% equity.

As for the OP's situation, not sure why it would make much difference....other than a penalty......on your taxes. YOU did pay the taxes in your house payment in 2012, so you can write it off for 2012. I'd hit B of A for the penatly.
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Old 02-03-2013, 06:05 PM   #14
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I feel your pain. My mortgage company (not BoA) paid my property taxes TWICE in 2012. This brought my escrow severely into the negative. Worst part about it, nobody there could figure it out. I had to do all the leg work and their "investigation" dept couldn't get to the bottom of it.

Then they did my escrow analysis which was severely negative and they were going to increase my monthly payment by 350 / month. After hours of arguing I finally got them to find the error and fix my escrow account.
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Old 02-03-2013, 08:20 PM   #15
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Quote:
Originally Posted by ksjayhawks View Post
We pay our own taxes and insurance. Have on all houses but the first 2 (we are on our 10th). That is one of our requirements when we get a loan. We also have over 20% down.
I agree 100%.

When we refinanced the last time - the mortgage loan officer at the bank seemed so surprised that this particular point was a deal-breaker for us.

We are also able to "specifically" get our tax receipt.
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