Putty Posted July 26, 2009 Report Share Posted July 26, 2009 Yesterday in the mail I get a letter from lender saying my mort is going up $240 a month cause of some escrow something another has changed. This is BS!!! Said to be looked at yearly. Two years into loan and now this kind of increase. Who the hell knows if this won't be an issue next year or year after...They're getting a call from my ass come tomorrow AM. Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted July 26, 2009 Report Share Posted July 26, 2009 i thought fixed meant they cant raise prices...? Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted July 26, 2009 Report Share Posted July 26, 2009 Economy being what it is, theres alot of business' doing shady things in the hopes that good people dont catch it. Quote Link to comment Share on other sites More sharing options...
Guest Removed Posted July 26, 2009 Report Share Posted July 26, 2009 i thought fixed meant they cant raise prices...? no you have to read the fine print.. i know someone with a fixxed loan, every so many years the payments go up, and they didnt even know it till it hit that mark..i think it was around 2 years into it aswell. this is how so many people are getting out of this stuff. Quote Link to comment Share on other sites More sharing options...
copperhead Posted July 26, 2009 Report Share Posted July 26, 2009 Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes. Quote Link to comment Share on other sites More sharing options...
Mensan Posted July 26, 2009 Report Share Posted July 26, 2009 Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes. This is most likely the case, and has happened 100% of the time I have bought a house, typically one year into the loan. Quote Link to comment Share on other sites More sharing options...
sgtschulze Posted July 26, 2009 Report Share Posted July 26, 2009 Taxes or insurance went up.....It's happened to me. Quote Link to comment Share on other sites More sharing options...
Tractor Posted July 26, 2009 Report Share Posted July 26, 2009 Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes. Yeap insurance and taxes are my guess as well. These will go up or down. I got a letter that mine went down a little the other day. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted July 26, 2009 Report Share Posted July 26, 2009 Taxes or insurance went up. +1 Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted July 26, 2009 Report Share Posted July 26, 2009 Thank your neighbors who continue to vote for tax increases and levy's only to allow those in control to have more of your money to piss away. Hell we could all give 90% of our income to the powers that be and they will still fuck up things and ask for more. We need to fix the problem not feed it. Quote Link to comment Share on other sites More sharing options...
Snowflake Posted July 26, 2009 Report Share Posted July 26, 2009 Property taxes keep getting higher yet our houses values keep getting lower... Quote Link to comment Share on other sites More sharing options...
Skinner Posted July 27, 2009 Report Share Posted July 27, 2009 Think of it as a luxury tax living inside Columbus city limits. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted July 27, 2009 Report Share Posted July 27, 2009 My Reynoldsburg rental house has went up $900/year in taxes over 7 years. Pretty awesome. Now the tax rate is pretty much that of Dublin, but Reynoldsburg sure as hell isn't Dublin. And let's not forget the School Income Tax they throw on there too. Quote Link to comment Share on other sites More sharing options...
copperhead Posted July 27, 2009 Report Share Posted July 27, 2009 Thank your neighbors who continue to vote for tax increases and levy's only to allow those in control to have more of your money to piss away. Hell we could all give 90% of our income to the powers that be and they will still fuck up things and ask for more. We need to fix the problem not feed it. THIS Quote Link to comment Share on other sites More sharing options...
DOLLAR BILL Posted July 27, 2009 Report Share Posted July 27, 2009 Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes. X2 that is what happen i got a letter telling me my escrow is now short $183.00 for the year.because of what is going on with the taxes. this is the frist time for the last 6 years they all ways sent me money back saying we paid extra. Quote Link to comment Share on other sites More sharing options...
Akula Posted July 27, 2009 Report Share Posted July 27, 2009 My taxes went from 2400 to 9300 in the last 6 months. I don't blame the mortgage company, accept they don't notify me until after they have loaned me the money. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted July 27, 2009 Report Share Posted July 27, 2009 i hope you mistyped that. 400% increase!? Quote Link to comment Share on other sites More sharing options...
Jackson1647545504 Posted July 27, 2009 Report Share Posted July 27, 2009 I basically got the same thing ... you can call the morgt. company and negotiate the escrow amount. This is why I vote shit down left and right Quote Link to comment Share on other sites More sharing options...
evan9381 Posted July 27, 2009 Report Share Posted July 27, 2009 ugh...the thing i dread. but i guess its nice knowing at least the principle and interest is fixed. my g/fs grandparents talk about their mortgage being a couple hundred bucks a month, which im sure was a decent amount then...so im sure years down the line, even with increased taxes or insurance, and hopefully increased pay, it will seem like a lot less Quote Link to comment Share on other sites More sharing options...
Putty Posted July 27, 2009 Author Report Share Posted July 27, 2009 Well, this doesn't make me happy. I explained to that broad when I signed I needed that fixed so regardless of what happened in my situation, i'd know what my mort payment was going to be until I was done with it. She NEVER told me this was anything I'd have to be worried with. I guess this is just one more thing you find out after the damn fact. So much for paying off my $250/month truck. Now a mort increase! Honest man never catches a damn break! Quote Link to comment Share on other sites More sharing options...
Casper Posted July 27, 2009 Report Share Posted July 27, 2009 Yeah, it's taxes. Our's went up like $200/mo a few months ago. Quote Link to comment Share on other sites More sharing options...
DTM Brian Posted July 27, 2009 Report Share Posted July 27, 2009 Well, this doesn't make me happy. I explained to that broad when I signed I needed that fixed so regardless of what happened in my situation, i'd know what my mort payment was going to be until I was done with it. She NEVER told me this was anything I'd have to be worried with. I guess this is just one more thing you find out after the damn fact. Unfortunately it does not work that way. When they did my closing they explained to me my P&I (Principle and Interest) was fixed for the life of the loan. However Taxes and Insurance is going to go up and down. Did any school levies pass in your area causing the increase? I do not have my insurance coming out of escrow. However the taxes are. My payment goes up $100.00 one year and down $50.00 another. Depends on how people vote. Quote Link to comment Share on other sites More sharing options...
Putty Posted July 27, 2009 Author Report Share Posted July 27, 2009 I have no idea....i don't keep track of shit like that around here cause I don't give a shit about Cols schools. I'm about to put house on market anyways to get into a diff district. Can't run from the subject at hand, but atleast now I know about it. I had no idea. Fortunately, I'm in a position I can afford to pay it. An increase like this could be the difference of just making your payment to not being able to at all. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted July 27, 2009 Report Share Posted July 27, 2009 are you sure its 240/mo and not 240/yr? thats like a 2800/yr increase...i didnt think there were many or any tax increases that were that high. Quote Link to comment Share on other sites More sharing options...
Putty Posted July 27, 2009 Author Report Share Posted July 27, 2009 Ya...a month Quote Link to comment Share on other sites More sharing options...
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