| Author |
Message |
    
Mummite
Citizen
Username: Mummite
Post Number: 16
Registered: 6-2003
| | Posted on Friday, November 14, 2003 - 2:32 pm: |     |
If you haven't paid already - property tax is due today before they start adding interest. If you are new in town and haven't had a bill - don't sit there and wait for one as it's not coming! You have to be psychic and know how much to pay and when. Good luck!
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ronzio
Citizen
Username: Ronzio
Post Number: 48
Registered: 7-2002
| | Posted on Friday, November 14, 2003 - 3:43 pm: | |
But is that on top of the property tax that's coming out of our escrow account? |
jgberkeley
Supporter
Username: Jgberkeley
Post Number: 3323
Registered: 5-2001
| | Posted on Friday, November 14, 2003 - 4:02 pm: | |
If you have an escrow accout for your tax payment, the mortgage company should pay your taxes.
I say should. I've had more than one mess with this approach and have since, opted out of escrow accounts and I pay the money directly.
I also make it a point to pay it at the Township office, just so I feel the pain. |
John Holl
Citizen
Username: Jgh
Post Number: 128
Registered: 6-2002
| | Posted on Friday, November 14, 2003 - 8:14 pm: | |
I thought that they started charging interest after the 10th of the month. |
parkah
Citizen
Username: Parkah
Post Number: 19
Registered: 1-2003
| | Posted on Saturday, November 15, 2003 - 10:06 pm: | |
Forgive my ignorance... I'm new to this homeownership thing. But I thought my mortgage company paid for my taxes with the money I pay into my escrow account?? I guess I've been blindly assuming this is the case since I haven't seen any sort of tax bill from the township. Does the township or mortgage company send some sort of receipt saying I've paid what's owed?
Jgberkeley, you said you had problems with your escrow arrangement... What should I be looking out for so I don't run into problems myself?
Thanks for any info / advice
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jgberkeley
Supporter
Username: Jgberkeley
Post Number: 3326
Registered: 5-2001
| | Posted on Sunday, November 16, 2003 - 8:17 am: | |
In my experience, the mortgage company will send a statement of settlement, likely once a year when they re-calculate the amount of money needed from you each month. I've never seen one send a receipt upon payment.
Problems to watch for:
Failure to make the payment or to make it on time. Almost always resolved when they get around to it and late fees will be paid. However, one never likes to receive notice that late fees are due or you home is up of for tax sale.
Endless hours on the phone trying to resolve problems from the above.
No control over how deep the hand will go into your pocket each month.
By that I mean, the formula to calculate how much they can raise the monthly payment to cover escrow accounts is very odd. It can be quite complex, but if your account under runs because of a tax increase, the monthly amount your payment is raised is often not a simple calculation, but rather a complex one that takes not only the amount of the under run in a direct payment from you, but then a monthly increase to cover the known increase, then a percentage increase over and above that to forecast the next tax increase.
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1-2many
Citizen
Username: Wbg69
Post Number: 601
Registered: 6-2002
| | Posted on Sunday, November 16, 2003 - 11:52 am: | |
george: and to add one other variable to the escrow arrangement, the lender generally requires an escrow "cushion" or minimum balance; mine is about $2,000. so you have $2,000 on account with the lender, not earning interest, and not guaranteeing you they'll pay on time.
any advice on how to get your lender to take you off the escrow arragement? |
NRL
Citizen
Username: Nrl
Post Number: 313
Registered: 8-2003
| | Posted on Sunday, November 16, 2003 - 1:51 pm: | |
NJ Law requires a $1,500 minimum escrow balance, so I am told by my lender. I think its B.S.
Also, be careful if you refinance, They told me to skip a mortgage payment, so I did and then they hit me with a lump sum bill saying my ecrow account was under the minimum balance because there wasnt enough money in the account to maintain the 1,500 min balance plus my taxes went up. Long story - short They gave me 2 choices, either I pay the $1,200 it all at once or they spread it over 12 months. Now my mortgage payment is higher than when I refinanced. What a rip off. |
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