Subject: RE: taxes from escrow
From: Jason Wolf (wolfjas2@hotmail.com)
Date: Tue Nov 13 2007 - 13:31:56 CST
Mary and fellow residents,
Good afternoon. First off let me say I am not in the banking industry and have had the same concern in the past, and think that knowing the whole story can help put you at ease
Rest assured that they (mortgage companies) won't pay the bills late, regardless of whether they have the bills or not. And if they do pay them late they are responsible for the fees incurred.
That being said, our beloved Cook Cty has enacted another fee for accepting electronic payment (this is the $5 that they are speaking of...they are referring to it as a Duplicate Bill Fee). That being said, big businesses like mortgage companies will not take that hit ($5 per payment) so it will come back to the consumer in some shape or form.
I contacted my mortgage company regarding this some time ago and was told that by sending them the bills it will help them avoid that fee and passing it back to me. So at the end of the day while they can't play games with your mortgage, they will pass on the added cost associated with paying your taxes back to you. So in the grand scheme if you don't send the bills, they can just prorate your escrow payment to account for that $5 since it is a cost associated with paying those bills...that's really all they can do (At least that is what my company told me). They can't adjust your interest rate, and can't add it to the principle.
I think in this case someone might have tried to scare you at some point or provided you with some mis-information as to why they were asking for this. Hopefully the author of the letter was not negligent enough to state they might not be able to pay the bill on time with out it!!!!
With it all said and done, it is good that you brought it to our attention and I sincerely hope this helps you feel better. That you again for the input, because we all have to be careful these days and watch out for one another.
Regards,
Jason
> Date: Tue, 13 Nov 2007 08:22:11 -0800> From: mdeskovich@yahoo.com> Subject: taxes from escrow> To: vanguard-talk@venus.soci.niu.edu> > I recieved a notice from Harris bank asking for my original real estate tax bills. This sounded ridiculous to me because I KNOW they don't pay these things by sending a copy of the bill with the payment. It's all done electronically. Plus I recalled reading something in the newspaper about this so I did some investigating and discovered that the threat to hold me responsible for penalties should the bill not get paid on time is BS.> > If you, like me, received a notice from your mortgage company that they needed your original tax bill in order to pay your real estate taxes, please access the web page below.> > http://cookcountytreasurer.com/NewsDetail.aspx?ntopicid=383> > Mary> > > > > ---------------------------------> Get easy, one-click access to your favorites. Make Yahoo! your homepage.> >
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