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..

[Mary Salzer]

Well they have already added the taxes so yes insurance and PMI are fine if they are required. They can and will do it, they are perfectly within their rights to do it, it is completely legal.

[cbriones]

So Why Modify The Loan If They Still Add All This And The Borrower Cant Afford It..

[Mary Salzer]

Pretty simple you have not paid them, taxes and possibly insurance, in the past so they want to assure themselves that from here on out the bills are paid.

Now the reality of the situation is that if these bills, taxes, insurance, etc... are not paid by the borrower they have two choices, pay them for you and add them to the payment thereafter, or they can accelerate the entire mortgage to be due and payable immediately along with the taxes and any insurance paid on your behalf.

That clause is in your Deed of Trust as it is in everyones' Deed of Trust, you promise to keep the property insured and free of liens, and taxes are liens. They can and have paid them on your behalf this is perfectly legal. Now they are doing the kindest thing that they can (which 48 months is very kind by the way to pay back the 2.5 years taxes owing), they are giving you a chance to pay them with your payment. The unkind thing, which they can legally do, would be to immediately accelerate the loan and demand all amounts the principal balance, back taxes and any insurance that they paid for you immediately due and payable.

Real simple, you bought the house, got the loan and promised to pay these bills when they were due to protect your interest in the property and the lender's interest in the property. They now have to collect what they have paid that you did not pay. They are doing nothing outside of the realm of their rights.....the situation could be a lot worse if they wanted all of their money now.

So your choices are pay them in the payment or have them accelerate the total amount due if you do not pay them....

[mreedlaw]

CBriones, I have seen your posts, and I have seen where you had indicated on 2/19 that you would make sure that the taxes get paid...well, the lender appreciates your promise, but will also want to make certain that the taxes get paid - on time & on their schedule and the county's schedule. That is why, if they modify the loan, they will include taxes, escrows, in the payment - If I am reading the tone from your posts correctly, that you don't think this is fair?

[cbriones]

Hello Well I Know That The Taxes Have To Be Added Because I Missed 3 Payments Of Property Taxes So Of Course It Has To Be Paid So They Paid It And Now I Have To Repay Them Right However I Just Cant Afford The Payment . I Just Got Myself Into Trouble By Avoiding The Taxes . I Want Them To Work With Me And Hoepfully They Will

[Cat Damiano]

They have worked with you by spreading your taxes over 48 months........that is more than the norm..........the most amount of time they ever spread taxes out is 36 months........
So there is your favor....
If you decide again to not pay back the taxes the lender has the right to accelerate right to foreclosure without any notice............
you are playing with fire on the tax issues........you missed 2.5 years they aren't going to do any more than they have done already...........
If the payments are still not affordable even after they spread the taxes out over 48 months then you might want to consider planning an exit strategy from the house before it is too late.....

[cbriones]

We Pay 2 Paymnets Per Yr I Have Missed 3 Payments Which Makes It 1 1/2 Yrs Not 2.5 ...

[Mary Salzer]

Regardless of the number of years, number of payments to the taxes missed they were missed and they can call the whole loan due and payable for even one payment to the taxes missed and used to rather regularly a couple of years ago.

So...the fact that they are willing to roll the payments over 48 months and then have to collect for them in the new payment is a good thing, since they could very well just demand the entire amount due now.

[cbriones]

I Get It I Was Just Wanting To Know What Other Options I Have ..