|
|
|
My Fight on My Own Supplemental Tax Bill
Here's one that I don't get and it was on my own mortgage! Imagine that...A mortgage broker having issues with his lender on his own mortgage. I find that more often than not, I have a full understanding of what is going on with my loan and impound account and the managers that deal with customers such as myself have no idea what you or they are talking about! When I presented my case below, it went over the heads of 2 managers before finally being understood by a 3rd. With that being said...Here was the scenario... When a lender collects impounds for taxes and insurance through escrow on a purchase, it is based on the sales price of the property, which in my case was $300,000 for a First Time Home Buyer Home. In my case, the land was assessed at a value of $100,000 and the home was $200,000 (Improvements) to bring the full value in the county's eyes to $300,000 for tax purposes. Since our home was newly constructed, the county simply sent the tax bill to the mortgage company for that of which the builder was paying for the raw land. We in return received a "Supplemental Tax Bill" for the improvements upon that land. I sent in a written request for the lender to pay the bill through my escrow account to which the manager replied that they didn't make payments for Supplemental Tax Bills! Now I'm thinking to myself...ok....I have $2800 in an impound account because they are collecting based on the sales price of the property and the point of having an impound account is to give the mortgage company added insurance that the county taxes get paid so additional liens (which will get lien position over the mortgage company even...remember.... the tax collectors always win first) don't end up against the property. I'm trying to make good on a payment so this doesn't happen and they want to argue with me about it? Wow! When all was said and done, I needed to talk to 3 managers before one of them understood my position and clarified that I was right and they were in the wrong. I was given 2 options... Resend them the bill to pay late and I will have to pay the 10% late penalty on the first year of taxes to the county...Oh, that's a lovely option..Now I'm on their radar! or.... Cough up the cash and the lender would send me a check in the mail for the bill.... At the end of the day, I was at the County Office, making a cash payment for what should have been paid through the lender....ERR! Scott Gormley Blog: http://www.CARealEstateBlog.com "You find the perfect home, we'll find the perfect loan!" |
Author
Oak Valley Mortgage-California Home Loans and Refinancing Chico, CA Office Phone: (530) 592-8362 Cell Phone: (530) 592-8362 More information... Contact Oak Valley Mortgage-California Home Loans and Refinancing |
