 lbrock
Joined: 03 Nov 2009
Posts: 1
1.37 Dollars($)
|
 Posted: Tue Nov 03, 2009 1:43 pm Post subject: Workout with back/future taxes: 1.5x everything? |
|
|
I negotiated a workout for a 6 month behind loan, paying 1.5 payments per month to catch it up. However, there were both some unpaid back property taxes and an escrow account for future taxes that needed to be deal with.
When the agreement came, it was figured at 1.5 x the monthly payments for the base mortgage, back taxes and escrowed future taxes, as opposed to just the 1.5x the base mortgage payment , plus the back taxes/escrow account I was expecting.
The bank, ChevyChase, now Capital One, claims this is standard on workout agreements, which seems unlikely.
The difference is about $1K month, so a big deal to me!
The question: is the bundling of back and future taxes at the "catchup rate" (1.5x in this case) standard practice for mortgage workouts? |
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.16 Dollars($)
|
| Posted: Tue Nov 03, 2009 2:02 pm Post subject: |
|
|
i don't have an answer that is factual, but i have to say this anyway: i don't believe that there is a "standard practice" for mortgage workouts in 2009. each case is different, each borrower different, each lender different.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
