Posted on: 12th Apr, 2011 03:27 pm
if my bank pays my property taxes, how much time can they give me to pay them back?
Hi Guest,
The bank will add the amount they paid as property taxes to your monthly payments and this might increase your monthly payments. In this ways they will recover the money from you in instalments.
The bank will add the amount they paid as property taxes to your monthly payments and this might increase your monthly payments. In this ways they will recover the money from you in instalments.
Better to stop it right now. The more the money you borrowed the more you are in the depth of debt.
Guest, from the way you posed the question, I have to assume that you were responsible for paying without an escrow account, and when the bank found out you hadn't, they stepped in.
Is that so?
If it is, part of the repayment of the debt depends on the amount that was paid to the tax collector, of course. Frankly, it's up to that particular bank how they handle the situation. If they have now insisted that you escrow for the taxes, they may have created the escrow account with that disbursement. However, I would have to surmise that they've already given you some sort of notice about when they expect your payback to take place.
If that's not feasible for you, you need to discuss it with them and work out an arrangement. There is really no specific period of time that's required - it'd be up to the individual bank and you to work that out.
Is that so?
If it is, part of the repayment of the debt depends on the amount that was paid to the tax collector, of course. Frankly, it's up to that particular bank how they handle the situation. If they have now insisted that you escrow for the taxes, they may have created the escrow account with that disbursement. However, I would have to surmise that they've already given you some sort of notice about when they expect your payback to take place.
If that's not feasible for you, you need to discuss it with them and work out an arrangement. There is really no specific period of time that's required - it'd be up to the individual bank and you to work that out.
