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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 117401
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I am getting a mortgage for my home for 30 years and $53,500

Customer Question

I am getting a mortgage for my home for 30 years and $53,500 (Includes losing cost) If they assume the taxes and insurance, I think I'll miss out on $500 yearly credit from the township and my homestead rebate from the state and a property tax rebate. I live in nj, lawrence township.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: nj
JA: Has anything been filed or reported?
Customer: they aplied to the township to take over taxes, but told me I can pay separately
JA: Anything else you want the lawyer to know before I connect you?
Customer: I make only $27,000 a year, thus cN only afford to pay $200-300 a,month because my monthly expenses are high. I am usingf most of money for debt consolidation (35,000)
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 9 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Just because your mortgage company is assuming to pay the taxes and insurance, that just means they are putting it into your loan and sending the payment, but YOU are still paying them and you do not miss out on any credit because your mortgage company pays the taxes and insurance on your behalf. It is still paid in your name and you still get credit.
The issue is that the mortgage company wants to pay insurance and taxes because if you are liable for paying them and you become delinquent in taxes then the city can sell your house at tax sale. The mortgage company is taking on paying the taxes to prevent that from happening and legally you have no choice if the mortgage company insists on doing so.
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