Lien holder wanting extra money with each pymt

[DVivis]

What is the name of your state (only U.S. law)?
Texas

Question : I am wondering if I must pay added money the lien holder is requesting. My contract says a set dollar amount.

Question Details : I just closed on a house in San Antonio, TX. 1st payment is due tomorrow, and the lien holder is the neighbor. Today she walked the payment schedule over along with deposit slips for her bank. She had a sticky note on the inside of the folder saying to add $123 to the payment for
insurance and $459 to the payment for taxes .. this was included in the house payment (I was lead to believe) and this makes my payment well over $2000. Can she request this and am I bound to pay it?
Thank you for any and all advice

 

[sandyclaus]

What is the name of your state (only U.S. law)?
Texas

Question : I am wondering if I must pay added money the lien holder is requesting. My contract says a set dollar amount.

Question Details : I just closed on a house in San Antonio, TX. 1st payment is due tomorrow, and the lien holder is the neighbor. Today she walked the payment schedule over along with deposit slips for her bank. She had a sticky note on the inside of the folder saying to add $123 to the payment for
insurance and $459 to the payment for taxes .. this was included in the house payment (I was lead to believe) and this makes my payment well over $2000. Can she request this and am I bound to pay it?
Thank you for any and all advice

It sounds to me like the lienholder is asking for the extra funds as "escrow" for the insurance and taxes on the property.

What does your contract say about that?

 

[DVivis]

What is the name of your state (only U.S. law)?
Texas

Question : I

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am wondering if I must pay added money the lien holder is requesting. My contract says a set dollar amount.

Question Details : I just closed on a house in San Antonio, TX. 1st payment is due tomorrow, and the lien holder is the neighbor. Today she walked the payment schedule over along with deposit slips for her bank. She had a sticky note on the inside of the folder saying to add $123 to the payment for
insurance and $459 to the payment for taxes .. this was included in the house payment (I was lead to believe) and this makes my payment well over $2000. Can she request this and am I bound to pay it?
Thank you for any and all advice[/QUOTE

Contract says: page 1 says: I will pay 1500 a month for 359 months page 2 says: that buyer & seller shall deposit in escrow a pro rata part of estimated annual ad valorem taxes & casuality insurance premiums.

 

[Banned_Princess]

Contract says: page 1 says: I will pay 1500 a month for 359 months page 2 says: that buyer & seller shall deposit in escrow a pro rata part of estimated annual ad valorem taxes & casuality insurance premiums.

so, she is asking for the money to put in escrow for the insurance and taxes.

this is standard with bank mortgages as well.

 

[DVivis]

But pro rata means we both put a portion in escrow
taxes are not 10,000 per year here and at just over
5,000 for full year owner unoccupied .. it should be
Just over 2,000 per year owner occupied. Right?!
If this is the case I cannot afford this house...I should
have been let known this before closing (I wish).
Thank you everyone for your time.

 

[FlyingRon]

It depends on when the payments is due. The lender is not obliged to offer you credit, if there's not sufficient money in the escrow account to fund the due payments, they can come after you for the rest. Usually with a bank loan, they anticipate this at closing and collect a soon to be due payment up front.

 

[nextwife]

But pro rata means we both put a portion in escrow
taxes are not 10,000 per year here and at just over
5,000 for full year owner unoccupied .. it should be
Just over 2,000 per year owner occupied. Right?!
If this is the case I cannot afford this house...I should
have been let known this before closing (I wish).
Thank you everyone for your time.

Are you certain you are not expected to deposit a pro rated portion each month? One 1/12th of the annual property tax bill etc? People normally need to either place in escrow or self escrow their property taxes.

Is the $1500/mo the principal and interest? If so, there would be the need to pay, now or when due (if not escrowed), an additional 1 1/2th of the annual property taxes each month. Did you verify the property tax bill amount so you'd know what it was? Property taxes should not come as a surprise.