Home Loans and Support

BAC Letter about Paying Property Tax?

Discussion in 'Bank of America Mortgage Help' started by Dizzle831, Aug 30, 2010.

  1. Dizzle831

    Dizzle831 LoanSafe Member

    Hello Everyone. Been a while since i've been here but glad to see the knowledge base growing!

    I was wondering if anyone out there recieved a letter from BAC about paying their property tax. I stopped paying my mortgage in Match of 09 and the last property tax payment i made was Dec 08. I know folks who are going on 2 years with BofA with not paying their mortgage but at the same time we're in one of the worst hit areas in Cali. To put in perspective, my mortgage is $418k and just got a letter early this year from the county assessor telling me my home is worth $123k.:eek: More or less i'm just a care take at this point. :D

    So did any of you get a similar letter that was semi-threatening to pay your property tax? Basically it said that since i was not paying that they would have to cover the expense and we would pay some kind of penalty and it would get added onto our mortgage. If that isthe case, SWEET. Add it on cuz i aint payn!
  2. DBarr13447

    DBarr13447 LoanSafe Member

    I'm no expert on this, but as a fellow B of A customer moving on, I wouldn't pay much attention to this notice. (And if I get one, I won't)

    From what I've learned from this site, the property taxes follow the house...
  3. SurfwhenUcan

    SurfwhenUcan LoanSafe Member

    1. No one considers the tax assessor's valuation of your home as a legitimate measure of the home's actual value.

    2. If B of A is worried about it, let them pay it. What they're saying is that, for those of you that are intent on keeping your home, if taxes back up on the property, they will pay it and that will be added to the resulting loan amount and you'll be responsible for it. If you're not intent on keeping the home, those letters make great bird cage liners.
  4. Dizzle831

    Dizzle831 LoanSafe Member

    Thanks for the reply! And that's exactly what i remember before i decided to stop paying.

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