Posted on: 24th Aug, 2009 04:10 pm
We recently tried to file for our homestead exemption and in doing so we found out our warranty deed had the correct address in it, however, it did not have the correct block and lot information. That information was from a completely different subdivision and home. Would that have an impact on our mortgage/taxes?
My concern is this: We purchased the house two years ago and our mortgage for the first year was approximately $1400. The next year it went up to about $1700 as we expected because the property was initially appraised based on undeveloped land. The problem is that the second year (this year) our payments increased to $2400 per month. A $1000/month increase. I guess I should also mention to you that we are on a fixed rate loan. It isn't balloon or ARM or anything of that sorts. We have spoken with neighbors who have seen their payments decrease due to the house's appraisal going down.
Would this impact our loan? If yes, who is at fault for this?
My concern is this: We purchased the house two years ago and our mortgage for the first year was approximately $1400. The next year it went up to about $1700 as we expected because the property was initially appraised based on undeveloped land. The problem is that the second year (this year) our payments increased to $2400 per month. A $1000/month increase. I guess I should also mention to you that we are on a fixed rate loan. It isn't balloon or ARM or anything of that sorts. We have spoken with neighbors who have seen their payments decrease due to the house's appraisal going down.
Would this impact our loan? If yes, who is at fault for this?
Hi Guest!
Welcome to forums!
In my opinion, it's very important for you to have the correct property deed. You should contact a real estate attorney and check out what steps you need to take in this regard. As far as the impact on the loan is concerned, I think it would effect your loan. You should inform your lender about the errors in your property deed. The person who prepared the deed and filled it out for you must have been at fault.
Sussane
Welcome to forums!
In my opinion, it's very important for you to have the correct property deed. You should contact a real estate attorney and check out what steps you need to take in this regard. As far as the impact on the loan is concerned, I think it would effect your loan. You should inform your lender about the errors in your property deed. The person who prepared the deed and filled it out for you must have been at fault.
Sussane