UPDATE pg 3...my mortage co did not pay our school taxes in 04

[AllyandJack]

Can y'all please post the names of your mortgage companies so I can run like hell if they are involved?

Countrywide. Not only were there problems paying my taxes and insurance, but every 6 months they'd up my payment. Now, I know they have to adjust payments based on taxes and insurance projections, but the last time, they raised it over $500./month! Yes, that FIVE HUNDRED DOLLARS A MONTH. That's when I told them to go rot and I refinanced. They explained that they are legally entitled to take out an amount that exceeds the projections for a buffer. I'm sorry, but they didn't need a $500./month buffer. They also refused to release my escrow. So, I sent them packing.

 

[Miss Jasmine]

Geez PAW, what a mess. And I hate seeing that this happens a lot. UGH. Hope it gets resolved and FAST!

 

[skuttle]

I don't have any advice. I just wanted to chime in and say we are trying to buy our first home and you have just given me fodder for some new nightmares. Thanks!

Me, too!! I was just starting to be able to sleep at night and not stress so much over the house...now this!

 

[caitycaity]

this is why i refuse to use escrow for taxes/insurance. i would rather put the money in a savings account, earn the interest, and pay it myself.

btw, if anyone tells you you have to pay not to have an escrow account, tell them that you are taking your mortgage business elsewhere. i am dealing with a mortgage company right now and i asked them if not using escrow would cost me anything and they said no. my parents have also found places that do not charge extra for not using escrow.

 

[shortbun]

Consider yourself lucky to have gotten the notice. We found out this had happend to us when we went to refinance. They told us we had liens, WTH? We had to pay so the refinance would go through and we are still-3 months later, trying to get reimbursed.

 

[Chicago526]

Funny, I've had loans with Washington Mutual (my last home) and Country Wide (my current home) and I've had zero problems with either of them. Well, I haven't been with CW all that long, I guess I should give them time to screw up! Anyway, I don't get paper statements from them, I have them auto withdraw my payments. But I'll be sure to check my online statement now once every two months, and any month taxes or homeowners is due to make sure they get paid.

 

[marlasmom]

We have Countrywide - 4 years since we bought this house. Caity-you are resourceful. I couldn't get anybody to waive the fee for paying our own taxes and insurance.

I called Countrywide a couple of months ago to ask if they had my payment -= my check hadn't cleared and they TOLD ME I WAS TWO MONTHS BEHIND. My December check hadn't cleared. My mortgage payment is only $375 and I did not notice - Christmas and all. They were just happily adding late fees but never bothered to notify me - just kept sending me invitations to add a home equity loan and/or refinance. I screamed about the late fees and they waived all but one. Wouldn't you think that if you were 3 or 4 months behind, they would at least send you a notice??????

 

[sajetto]

Me, too!! I was just starting to be able to sleep at night and not stress so much over the house...now this!

Same here! We got a mortage at 6% and the only way to get that rate was to have the escrow account. My DF REALLY didn't want to do it b/c that was the deal with his last mortgage. I'm skeered now

 

[AllyandJack]

The problem with the escrow is that it gives them the opportunity to raise your payments. When they do their review, they have a set amount of money you should have in there and then they set a goal for the next review period. If your taxes go up or your insurance goes up, they're going to raise your monthly payments. For me, first it was $114., then it was $178., then it was over $500. My taxes went up, but not by $500./month. They also take out a buffer - could be a couple of hundred dollars a month. So, if your taxes are $2,000 a year and insurance is $500., you would think your escrow would be about $208., but it could be $400./month so they can have their buffer. Then, if your taxes go up to $2,500 a year, they hit you for that $50. or so a month at your next review and your payments go up by that amount and they might increase their buffer if they sense a trend of increases. Countrywide LOVES to do this. They also don't do it just at the review....a year, 6 months, 4 months....whenever they feel like it.

The best was when the tried to take the tax late fee out of my escrow! Oh, there were MANY angry phone calls over that.

 

[Chicago526]

We have Countrywide - 4 years since we bought this house. Caity-you are resourceful. I couldn't get anybody to waive the fee for paying our own taxes and insurance.

I called Countrywide a couple of months ago to ask if they had my payment -= my check hadn't cleared and they TOLD ME I WAS TWO MONTHS BEHIND. My December check hadn't cleared. My mortgage payment is only $375 and I did not notice - Christmas and all. They were just happily adding late fees but never bothered to notify me - just kept sending me invitations to add a home equity loan and/or refinance. I screamed about the late fees and they waived all but one. Wouldn't you think that if you were 3 or 4 months behind, they would at least send you a notice??????

To avoid this in the future (not that they shouldn't process your check, of course) you should sign up for the auto-payment plan. I have this set up with them, and they take my payment out on the 1st of every month, never fails. I bank online and check my accounts every other day or so, and I just double check that the right amount came out on the right day. It's free as long as you pay before or on the official due date. They charge fees only if it's between the due date and the day the late fee kicks in. You can sign up at www.countrywide.com.

You can also moniter your escrow acount via online and make sure your taxes are paid on time!

 

[caitycaity]

Caity-you are resourceful. I couldn't get anybody to waive the fee for paying our own taxes and insurance.

if they tell you they can't waive it, tell them it is a dealbreaker and if they can't do it, you will find someone else who will.

there definitely are lenders out there who will give it to you for free, sometimes you just have to threaten them with taking your business elsewhere.

 

[poohandwendy]

Update (of sorts)

So, I talked to the supervisor and she told me to fax the letter I received and a description of the situation to their Property Tax Dept. They will review it and allocate the money to the school district. She assured me that this would be taken care of and that I would not have to pay the late charges...we will see. (I noted everything she said as well as her name). I will follow up the middle of next week to see where we are.

I will be watching my statement closely to make sure they don't tack on the penalty to my future mortgage payments.

I also contacted the local tax office here and left a brief description of my situation and how I am handling it on the tax collectors voice mail. I just want to make sure he knows I am working on this, in good faith.

I am not convinced this will go through smoothly, color me jaded..but I have a feeling I am going to have to push and push with this issue.

Not sure if there is anything more I can do at this point, but wait. Am I missing something?

 

[poohandwendy]

Oh, I just wanted to add, I asked for an '05 statement of my escrow disbursement. I want to be sure everything was taken care of last year.

 

[icebrat001]

I hope everything gets worked out.

 

[CookieGVB]

I'd stay optimistically pessimistic about this until it's resolved.

Good luck - that sucks to be thrown for a loop like that!