Loan Modification Forum - LoanSafe.org - View Single Post

02-16-2008, 10:22 PM

The taxes have to be paid, that is one of the major reasons that some loans fail, when taxes are not added to the payments at the very beginning of the loan, however you I am sure did receive the tax bills from the county. If you missed 3 years of tax payments, then they had no choice but to pay them or risk a tax deed being issued and have title altered. Once they pay them then the borrower has to repay the obligation. Three years is a long time to go without paying your taxes on the property, I am surprised that they did not catch up with the problem sooner than 3 years. This still is not their fault, the taxes had to be paid and the homeowner is the responsible party.

Since the taxes were not paid for the last 3 years they have no choice but to add them to the payments to assure that they are paid in a timely fashion. This is the only way that they feel that they can protect their interests.

You have some choices given the situation, pay the taxes in a lump sum to make the monthly payments manageable at 2700.00. Make monthly payments of the 3256.00. Or the final one and not the pleasant one, if you can not afford the house, you need to arrange to sell it. They apparently added the taxes in at 12 months for the back taxes and the current taxes going forward, so they did only really raise the payment 500.00 as the current taxes would have be considered part of the monthly payment whether or not they were added in or not as they are required to be paid and as such are considered part of the monthly payment irregardless of the tax amount being or not being in the payment. They are not apparently willing to spread out the payments over 24 or 36 months.....they also are requiring taxes to be collected in the payment as you have not paid them for the last 3 years.

You need to access just what you want to do, make the higher payments, pay the taxes in a lump sum and pay the 2700.00 or if you can not afford the house, sell it. Regardless the taxes have to be paid, every year when they are due so the lender is protecting themselves.

02-16-2008, 10:22 PM	#29 (permalink)
Mary Salzer Guest Posts: n/a	Re: What is a QWR? The taxes have to be paid, that is one of the major reasons that some loans fail, when taxes are not added to the payments at the very beginning of the loan, however you I am sure did receive the tax bills from the county. If you missed 3 years of tax payments, then they had no choice but to pay them or risk a tax deed being issued and have title altered. Once they pay them then the borrower has to repay the obligation. Three years is a long time to go without paying your taxes on the property, I am surprised that they did not catch up with the problem sooner than 3 years. This still is not their fault, the taxes had to be paid and the homeowner is the responsible party. Since the taxes were not paid for the last 3 years they have no choice but to add them to the payments to assure that they are paid in a timely fashion. This is the only way that they feel that they can protect their interests. You have some choices given the situation, pay the taxes in a lump sum to make the monthly payments manageable at 2700.00. Make monthly payments of the 3256.00. Or the final one and not the pleasant one, if you can not afford the house, you need to arrange to sell it. They apparently added the taxes in at 12 months for the back taxes and the current taxes going forward, so they did only really raise the payment 500.00 as the current taxes would have be considered part of the monthly payment whether or not they were added in or not as they are required to be paid and as such are considered part of the monthly payment irregardless of the tax amount being or not being in the payment. They are not apparently willing to spread out the payments over 24 or 36 months.....they also are requiring taxes to be collected in the payment as you have not paid them for the last 3 years. You need to access just what you want to do, make the higher payments, pay the taxes in a lump sum and pay the 2700.00 or if you can not afford the house, sell it. Regardless the taxes have to be paid, every year when they are due so the lender is protecting themselves.