|
Posted by Beliavsky on September 17, 2007, 2:52 pm
http://www.baltimoresun.com/business/bal-bz.taxbill15sep15,0,4511686.story
Ailing lender's checks bounce: Area homeowners' taxes left unpaid
By Jamie Smith Hopkins, Baltimore Sun reporter
If the mortgage company, for some reason, does not pass on the
property taxes paid by the homeowner, the homeowner is still on the
hook. The next time I buy I will try to arrange to pay the property
taxes myself if possible.
|
|
Posted by Douglas Johnson on September 18, 2007, 9:47 am
>If the mortgage company, for some reason, does not pass on the
>property taxes paid by the homeowner, the homeowner is still on the
>hook. The next time I buy I will try to arrange to pay the property
>taxes myself if possible.
I started getting cancellation notices from my homeowner's insurance company
when the mortgage company didn't pay them. I paid the insurance, then
straightened it out with the mortgage company, which wasn't easy.
If you have the discipline to save for taxes and insurance, it is better to do
it yourself.
-- Doug
|
|
Posted by huntinvest.com on September 18, 2007, 12:48 pm
-------------------------------------
Beliavsky wrote:
> http://www.baltimoresun.com/business/bal-bz.taxbill15sep15,0,4511686.story
> Ailing lender's checks bounce: Area homeowners' taxes left unpaid
> By Jamie Smith Hopkins, Baltimore Sun reporter
> If the mortgage company, for some reason, does not pass on the
> property taxes paid by the homeowner, the homeowner is still on the
> hook. The next time I buy I will try to arrange to pay the property
> taxes myself if possible.
I believe this is why those tax payments are actually put into an escrow
account by at least some lenders. I though all, but apparently just some.
Also, I don't believe they would give you an option to pay taxes yourself
'cause if you don't pay the taxes AND default on your mortgage the bank
will get stuck with your house and the tax debt.
##-----------------------------------------------##
Delivered via
News and Discussions Community of the Net
Web and RSS access to your favorite newsgroup -
misc.invest.financial-plan - 5933 messages and counting!
##-----------------------------------------------##
|
|
Posted by Douglas Johnson on September 18, 2007, 1:14 pm
info_at_1-script_dot_com@foo.com (huntinvest.com) wrote:
>Also, I don't believe they would give you an option to pay taxes yourself
>'cause if you don't pay the taxes AND default on your mortgage the bank
>will get stuck with your house and the tax debt.
On our last mortgage, we were allowed to pay the taxes and insurance ourselves,
without escrow. The lender said they offer the option if you put at least 20%
down. Also, our daughter was not required to have an escrow. Both of these are
in Texas.
-- Doug
|
|
Posted by joetaxpayer on September 18, 2007, 2:32 pm
> info_at_1-script_dot_com@foo.com (huntinvest.com) wrote:
>>Also, I don't believe they would give you an option to pay taxes yourself
>>'cause if you don't pay the taxes AND default on your mortgage the bank
>>will get stuck with your house and the tax debt.
>
>
> On our last mortgage, we were allowed to pay the taxes and insurance ourselves,
> without escrow. The lender said they offer the option if you put at least 20%
> down. Also, our daughter was not required to have an escrow. Both of these
are
> in Texas.
>
> -- Doug
I had a similar experience. I had two units in the same complex, with
two mortgages from the same bank. Somehow, the tax got credited to one
unit, both payments, and I got late notices on the second unit from the
town tax dept. It took till the third time this happened that I wrote
the bank and said I'd be paying my own taxes on both properties.
Until then, they were adjusting the withholding every two or three
months, even though the tax only changed annually. Just a real pain in
the neck. My current mortgages both allow me to pay my own taxes, which
mean I am keeping whatever interest I earn before the payment is due,
and I can choose which year to make the payment for Q1 (i.e to pay in
December or January).
JOE
|
| Similar Threads | Posted | | Will remodling my home increase my property taxes? | September 1, 2007, 6:21 am |
| Self-Directed IRA, Investment Property & Mortgage | November 28, 2007, 10:07 am |
| Funding an LLC through the contribution of property | July 11, 2007, 12:03 pm |
| Lease to Purchase : Property TAX ? | June 19, 2008, 2:39 pm |
| Rental Property Refinance Tax Deduction | February 19, 2007, 5:02 am |
| Rental Property Depreciation for Current/Previous Year | February 21, 2007, 4:58 am |
| division of property/joint tenancy in a relationship split | July 19, 2007, 5:02 am |
| cd's & taxes | October 17, 2006, 12:33 pm |
| IRA penalty and taxes | January 4, 2007, 4:59 am |
| Taxes in Retirement...1%? | April 17, 2007, 6:07 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap