Can a person who owes 5 houses get a mod

[Cat Damiano]

36 months is the highest amount of months the lenders are spreading the taxes out they don't go out further than that....and they are going to include them in a new payment for you.
Like Poppy says, that is an obligation you are going to have to pay one way or the other. You haven't been paying them on your own so the lender has to pay them so a tax lien isn't placed against the property.

[cbriones]

Well Today Was The Day I Received The Letter From My Lender Asc Saying That My New Payment Is 3256.00 From 2408.00 I Was Told That It Was Going To Be 500.00 More A Month But Its Way More Than That . I Have Called And Faxed 3 Letters I Am Willing To Pay Payments Towards The Escrow Acct But Not All Of That There Is No Way From Me To Pay 3256.00 . Letter Says Even If I Did Pay The Shortage Of 6.588.00 My Payment Will Still Be Up To 2700.00 Which Is 300.00 More A Month . I Know Thats Because They Have Added The Taxes From Now On Will That Stay Even If I Tell Them That I Will Pay Taxes 1 Time Per Yr Or Will That Not Believe Me Now That I Have Missed 3 Tax Payments..

[Cat Damiano]

Unfortunately they are not doing modifications without escrowing for the taxes in the payment per month. They aren't going to let you pay them on your own because they have already satisfied the delinquency.

[Mary Salzer]

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.

[cbriones]

no i didnt pay 3 payments which is 1 1/2 yrs and the april payment they also paid..

[cbriones]

So You Dont Think That They Will Let Me Pay Mayments To The Escrow And Continue To Pay My Mtg Of 2408.00 Then In Dec I Cann Just Pay My Own Taxes ...i Can Afford My Mtg But No More That That ...

[Mary Salzer]

No they will not allow you to do that, your prior history with not paying the taxes have caused them to move, as they are allowed to in the body of the Deed to Trust (since it specifically sets out that you will protect the property against liens and tax liens, property taxes included) to make the taxes part of the monthly payment. The fact that you did not pay them for the last 2 or 2.5 years reflects a pattern to them that they feel that they need to do this.

[cbriones]

So What Will Happen If I Only Send The Mtg Payment...

[Mary Salzer]

Potentially they will not accept it, they are now expecting a payment with the taxes included and since the Principle and Interest payment is below the new mortgage payment they have the option to refuse it. Which in my experience they are very prone to do.

[cbriones]

So Your Telling Me That They Probobly Wont Work With Me On The Tax Money That They Paid I Am Willing To Pay It But I Need It Spread In More Months... Maybe 72 Months Would Be Good Instead Of 24 Months...

[Mary Salzer]

I have never heard of a lender running the back taxes out that far 24 to 36 months is the extreme, but not the norm.

[cbriones]

That Is True However We Havent Heard Of The Houseing Market Being This Way Either So At This Time With All Going On Anything Is Possible.

[Mary Salzer]

I have given you the best advice that I can, you need to call your lender and work it out with them.

[cbriones]

Hello Just To Let You Know That Asc Did Spread The Escrow Shortage Over 48 Months Plus They Did Included The Upcoming Taxes Which Will Be On Payment For 1 Yr So I Feel A Little Better With This Payment Is 2800.00 It Is Up 400.00 More A Month From What I Was Paying . However The Letter Asc Sent Me Stated Payment Would Be 3250.00 Which Isnt Doable At All So I Feel A Bit Better.

[Mary Salzer]

Wonderful, I hope it all works out for you....have a better day.....

[cbriones]

I Have A Question Ok When My Lender Does My Mod If They Do Are They Going To Add Any Other Fees On The Mtg Payment Such As Pmi Insurance, Taxes, Hazard Insurance Or Anything Else..