Modification approved adding delinquent Property Taxes

[joybethel]

I was approved for a modification with AHMSI with a new interest rate of 3%. My prior payment was interest only of $1425.00 however my property taxes were delinquent, which they added to my principal balance for a revised payment of $1285.00. The modification will add an escrow for the taxes increasing my payment to $1750.00. Which will be a bit steep since I am still recovering from a lost of income. Since I do not want to end up in a position where I fall behind again because of seasonal income, my question to this forum is should I agree to have the taxes added and esrowed?

[Dan Bailey]

joybethel,
Glad you found the forum and posted! It seems that this is the usual case when delinquint taxes are involved. There is not much choice in having the back taxes rolled into the principle, they must be paid. Unless you can pay them yourself in a lump sum and that way not being charged interest by your mortgage company.

[elpjohnson]

joybethel......

Welcome to the forum and thanks so much for joining......unfortunately, when you get a loan modification they usually escrow the taxes and insurance as part of the deal. Maybe you can ask them to spread out the payments over a longer period of time so that your payments an be a little less......

[joybethel]

Will try to see if we can extend the terms. Will keep you posted. Do not want to fall behind again.