Posted on: 11th Aug, 2010 02:18 pm
We closed on our house in late October 2009 with a Bank of America FHA loan. This week I received a statment from the bank that our payment would be going up approx. $400 a month. So I called to find out why.
All the BoA people keep saying is "your taxes have gone up and we need to make up the difference in the escrow account. This amount will be deducted for one year, and then it may change." There is NO WAY our taxes went up another $4,000 or so, as the record shows the tax on the house has only increased about $50 per year the last 3 years.
Perhaps the bank misplaced the seller's tax payment for Jan-October of 2009? This is the only reason I can come up with for this missing $4000-ish amout.
I can't even figure out which questions to ask the bank. Our settlement statement seems to indicate that the seller paid her (delinquent) 2008 taxes and the protrated amount for 2009. This is in Illinois and property taxes are collected in arrears so it makes it even more confusing.
Please help if you can!
All the BoA people keep saying is "your taxes have gone up and we need to make up the difference in the escrow account. This amount will be deducted for one year, and then it may change." There is NO WAY our taxes went up another $4,000 or so, as the record shows the tax on the house has only increased about $50 per year the last 3 years.
Perhaps the bank misplaced the seller's tax payment for Jan-October of 2009? This is the only reason I can come up with for this missing $4000-ish amout.
I can't even figure out which questions to ask the bank. Our settlement statement seems to indicate that the seller paid her (delinquent) 2008 taxes and the protrated amount for 2009. This is in Illinois and property taxes are collected in arrears so it makes it even more confusing.
Please help if you can!
Hi tracykim!
Welcome to forums!
As far as I can understand, you need to contact the tax department and find out whether or not your taxes have been increased. If the taxes have not been increased and if the seller had paid off the delinquent taxes before selling you the property, then the lender cannot increase your monthly payments. In that case, you need to negotiate with them and resolve the whole matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, you need to contact the tax department and find out whether or not your taxes have been increased. If the taxes have not been increased and if the seller had paid off the delinquent taxes before selling you the property, then the lender cannot increase your monthly payments. In that case, you need to negotiate with them and resolve the whole matter.
Feel free to ask if you've further queries.
Sussane