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A question for mortgage or loan people.

1K views 9 replies 7 participants last post by  Tremor Therapy 
#1 ·
Let me start by stating that my wife and I moved into a new (to us home) last December. It was a repo in Murrieta that we bought for $265k less than the note. There were some issues in the loan paperwork, but after all was said and done the paperwork went through, and we were off and running on a 5 year fixed/variable loan.

So Saturday I get a new statement from my mortgage holder. They are increasing my mortgage by over $700 per month starting July 1 due to an escrow shortage, and if I pay the $2900 shortage, my new payment will only go up by $500 per month. WTF? I don't get it?

The original paperwork snafu was that the county was trying to collect property taxes against the note value and not based on our purchase price. Indeed, they did collect an overage on the property taxes, and sent me an $1800 refund check at the end of December!

Based on how I am reading the new statement (if I am reading it correctly), it looks like they are basing the shortage and new payment on an incorrect property tax amount. My escrow paperwork has my annual property tax listed at $7840 per year, and the new statement has it listed as $10,100 per year.

So to my question, is it just that easy...call the mortgage holder, question them about it, and then viola, everything is put right? Or was there some major snafu in my loan paperwork that could have me f"*cked for life on this loan? I haven't slept well the past 2 nights, and probably won't until I talk with them, but do any of you mortgage loan people have any suggestions?

Thanks,
Alan
 
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#2 ·
I would start with the Riverside County Tax Assures office. Find out what you taxes really are then look for a mistake. I thought Riverside was still a flat 1% of the sale price plus a couple of add ons for jail's library's school's and such. I went though this with Riverside 10 years ago. Mine was a very simple and fast fix. BTW, diff from 7840 to 10100 is only 188 a month, what's the extra 312 for.
 
#3 ·
Exactly! I am trying to add it up, and the numbers are all AFU! That is why I am asking...are there areas that I need to look at that may not be something the that ordinary Joe would know to look at, or where to look for? I just think this is complete bullsh*t that 7 months into a fixed loan that my payment is going to increase at least $500...I just don't get it! :mad:
 
#7 ·
You need to contact Riverside County. I've heard the same story from several clients in Riverside County (Murrieta, Menifee and Lake Elsinore) The are incorrectly assesing the value of your property. Contact the County and they can help you through the process. If you have a problem, shoot me a PM.

Eric
 
#9 ·
5 year fixed/variable loan?

I don't understand this part of your agreement. Fixed/variable loan?
The property tax should be based on the current selling price. I don't know if that tax amount ever goes down, but it does jump pretty high if the house hasn't sold in a long time. Example, the house sold new for $200k but now sells for $800k, the tax would be 4 times higher now. Al
 
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