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Samuel-II, Lawyer
Category: Real Estate Law
Satisfied Customers: 27011
Experience:  real estate law
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Our bank sold our mortgage to Fanny May. They tell us we

Customer Question

Our bank sold our mortgage to Fanny May. They tell us we have to have our real estate taxes in the payment . they have messed up our payment and taxes for the second year and we would like to take out our taxes and pay them ourselves. They tell us we cannot do that, fanny may says that we have to pay our taxes in the payment???? Is this true?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  P. Simmons replied 1 year ago.
Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to helpAlso, if you would like to chat on the phone, let me know and I can make that happen. SOrry...I want to make sure I understand. When you took out the loan, (when you first got the loan), did you agree to have the lender "impound" (take out) the taxes from the loan payment?
Customer: replied 1 year ago.
yes....they told us the loan would stay in house!
Customer: replied 1 year ago.
then we refinanced and it was still in house, they we got a letter that it was sold to fanny may and we asked about the taxes and they said it had to stay in the payment.
Expert:  P. Simmons replied 1 year ago.
ThanksAnd the promise that the loan would stay "in house" this in writing?
Customer: replied 1 year ago.
they are messing up our amount for the house payment, We are retired and live a limited income. We can't be going up and down with the house payment. I will call
Customer: replied 1 year ago.
will not call. the amount keeps going up....will do it this way
Expert:  P. Simmons replied 1 year ago.
SOrry...not sure what you mean by "the amount keeps going up"...I offered a call for an additional $ that not acceptable?
Customer: replied 1 year ago.
no.....last year when they had a shortage they charged us about $700 to catch up on the taxes (and we paid up front)......then they redid our mortgage and the house payment went down (don't know how that happened) there is a shortage on the amount for the taxes again, so they want to raise your house payment about $90.00 a month for 13 months, and they it will start all over again. They will probably redo our house payment again, make a mistake and want more money again next year. All we want to do is take the tax amount out of our payment and pay it ourselves. They told us last year we could not take the taxes out of Fanny that true. Up until we bought this house I have never paid my taxes in the payment. CAN I TAKE THE TAXES OUT OF THE HOUSE PAYMENT AND PAY IT OURSELVES TO THE COUNTY????
Customer: replied 1 year ago.
Expert:  Samuel-II replied 1 year ago.
Hello​This is Samuel and I will provide you information since the previous professional did an opt out.I suggest you must read the terms and conditions in all the documents your signed on the refi. What it appears has happened is the taxes are now in your escrow. Escrows will fluctuate but under law once it hits a certain amount there has to be a refund and a recalculation of the escrow which is then added to the Principal and Interest payment. In that regard, that entire payment may go up or down. I am certain it is in your documents.
Customer: replied 1 year ago.
got the answer but not the one I was expecting to hear!!!!
Expert:  Samuel-II replied 1 year ago.
Thank you. Unfortunately, that is how it works sometimes. Good luck with everything.