Posted on: 04th May, 2010 11:29 am
We just bought a new construction house June 2009. We just recieved a letter yesterday stating that escrow is short by $10,500! How did this happen? We called the bank last night and they couldn't give us a straight answer. The only thing i could think of is the builder did not pay his taxes before the house was sold but if this is so, would the bank allow this house to be sold under this condition?? Please help!
Whatever taxes were due from the builder would have to be paid by the builder, without question. The only way in which I can put my grip on your situation is that the lender must have grossly underestimated the amount of taxes that would be assessed on your property; and, therefore, set up your escrow account with that completely erroneous information.
Someone at some point ought to have caught this error and alerted you to the disastrous condition it could lead to, as you noted. Who that someone is, specifically, is difficult to pinpoint. Undoubtedly, somebody dropped the ball here.
Someone at some point ought to have caught this error and alerted you to the disastrous condition it could lead to, as you noted. Who that someone is, specifically, is difficult to pinpoint. Undoubtedly, somebody dropped the ball here.