Need Advice

[Behrens]

I just received my mortgage statement and was shocked to see that the monthly payment had risen $400.00. Needless to say I immideately called them to find out what was going on. They told me that they had set my school taxes at .01 for the last year. That is right, a penny! They said the reason for that was because my tax information was not available the last time they calculated my payments. But now that they have the information I have to pay off the back owed taxes in a years time. My question is do I have any legal options here. I mean I had no idea this was going on and now I have to somehow come up with this money out of the blue or lose my house. If anyone has experienced this or has any information please let me know. Thanks in advance.

 

[HomeGuru]

You have already agreed to pay the taxes when you signed the mortgage.

 

[Behrens]

True, but I was under the impression that the mortgage company would calculate the taxes a little bit better than what they did. They knowingly miscalculated my taxes to the point that I might not be able to recover. This just seems to be a bit unfair. But thanks for the info.

 

[HomeGuru]

I unsderstand your plight but it is also your responsibilty as the borrower to double check your mortgage payment including impounds. If the mortgage company is collecting a penny more for the year in taxes over and above your P&I payments, that would be a red flag to you.

 

[tigermac]

I understand your predicament. Let me give some info from experience. The Mortgage Companies have agreed to pay the taxes on your behalf. Where we as homeowners get in trouble is that if the taxes change or as in your case were initial set at $.01. The problem is that Mortgage companies only review your account once a year. This is when they make any corrections to your payment as needed.