Posted on: 16th Feb, 2011 07:01 pm
We were approved for a modification on our home through GMAC in December, 2010. I checked the statements and I found out that the taxes and insurance were not being collected so I called them. I was shocked to learn that no escrow was set up and if I wanted one, our payments would have to be increased to cover it. I assumed that under HAMP the property taxes and insurance would be included in the new monthly payments. I can't afford to pay the property taxes come April so I believe we were misguided. Has anyone gone through this or received help to correct this?
Hi Guest!
Welcome to forums!
I don't have a personal experience to share with you in this regard. However, it is true that your payments would increase if you include the property tax and insurance payments in your monthly payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't have a personal experience to share with you in this regard. However, it is true that your payments would increase if you include the property tax and insurance payments in your monthly payments.
Feel free to ask if you've further queries.
Sussane