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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 25986
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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Can a Mortgage company charge 1 and 1/2 times the amount of

Resolved Question:

Can a Mortgage company charge 1 and 1/2 times the amount of unpaid property taxes??
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Roger replied 2 years ago.

Hi - my name is XXXXX XXXXX X'm a Real Estate litigation attorney here to assist you.

 

Is the payment for delinquent taxes or for you escrow account to pay taxes as they're due?

Customer: replied 2 years ago.
Delinquent taxes that we had sent to our county taxman, they were sent back saying that they were already paid by the mortgage company. a couple days later we got a notice from mortgage company saying they wanted 9,900.00 for the 6,280.00 taxes that were delinquent. We paid the mortgage company immediately upon notice for the 6280.00 taxes and they still want us to pay additional 3500.00 for them paying our taxes!
Expert:  Roger replied 2 years ago.

Ok. Thanks for the information.

 

The first thing you need to do is ask what the additional fee is for. If it is some type of penalty, etc., then you should ask where your loan documents say you agree to pay that as a penalty. If the payment is to pre-pay part of next year's taxes, the lender may have the right to collect it if you have an escrow requirement in your loan agreement.

 

Without looking at your loan agreement/closing documents, there's no way to know whether or not the lender can assess this to you or not. However, you have the right to ask them what the fee is for and what authority the lender has to demand it. If they can provide a provision in your loan agreement that requires payment, then you would have to comply or face being in breach of the agreement.

Customer: replied 2 years ago.
I was looking for a legal amount as to percentage rate they are charging for the payment of our taxes. I would expect some fee of some sorts, not just 3500.00 for 6200.00 worth of taxes. We do not have an escrow account for taxes and have not had this issue in the 6 years we have had this mortgage. Is that legal in the state of California to charge that exorbitant amount??????
Expert:  Roger replied 2 years ago.

This is all a matter of contract between you and the lender. If the loan documents you signed states that you agree to pay this amount as a penalty, etc., then you would be bound.

 

That's why it's important to ask the lender what authority it has to collect this amount as it would have to be something in your loan agreement that authorizes this fee.

Customer: replied 2 years ago.
With that being said, what if they cannot prove that i signed the contract agreeing to this amount of penalty? What would be my course of action?? They will not let me pay my regular payment, they are only allowing me to pay the fee that they have set. I have never been late on a payment with them and i don't want them to come and take my house if i refuse to pay the amount they are asking or get a late payment on my account. Right now they are kinda holding me hostage with this situation.
Expert:  Roger replied 2 years ago.

If they can't prove that they're entitled to the fee, that should be the end of it. If they still demand this money despite the fact that there's no agreement or obligation under the loan documents or in the law that requires this of you, you should contact the Consumer Protection unit of your state attorney general's office (http://ag.ca.gov/consumers/general.php) and also the state department of financial institutions (http://www.dfi.ca.gov/) and ask for help with resolving this matter with the lender.

Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 25986
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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