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LynxDT | Mortgage Lender company asking for too much money in short notice? |
I picked out a house i liked (foreclosure house). 4 days before the closing date on the contract, the lender company called and said "we need $7,000 from your pocket to pay for your taxes in advance". Like any normal person that doesn't have much money in the bank, i don't have that much money to dish out.
I guess my question is, do i really have to dish out the $7,000 to pay for my taxes up-front? or is this company trying to screw me?
I asked them to put the $7,000 on top of my mortgage loan and they stated that "it's against the rules." I really need advice on what to do. I already plan to shop around for different lending companies. I just want to know if this is a lost cause.
I appreciate any advice I get...... Thanks
Additional Details
FYI, the type of loan i'm getting is FHA. The bank has agreed to give a 3% closing help (approximately $8,000 that doesn't come out of my pockets). And I still have to dish out $7,000 |
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Detroiter K
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Most likely, the taxes being collected are legit. Going FHA does not matter.
Unfortunately, these are not fees, but are costs related directly to the home you picked. As you know taxes are taxes.
There are two parts to tax responsibilty when buying a home. First, lenders collect a reserve amount for your esrcow account, which pays out your city/county property taxes on the cooresdonding due dates.The second part is called tax prorations, which equates to you reimbursing the seller for property taxes that they have already paid in advance. For example, in Michigan all propety taxes are paid in advance, therefore you must reimburse the seller from the date of closing up til the next tax bill due date. When you combine the two, your looking at roughly 14 months of taxes! (Depending on your state laws, it could be more or less)
The true problem lies in the structuring of your loan program. At the time of pre-approval, your loan officer should have made sure that you applied for an amount that not only fit into your budget for a monthly payment but also fit into your budget for total out of pocket costs. Using with those two constraints properly should result in a general purchase price that you shouldn't have exceeded. She or he should have also explained the big impact that property taxes have on buying power and the total transaction. Plus, showed you how sellers money would apply to you program (FHA programs gnerally allow up to 6%).
Your realtor, if you had a buyers agent, should have informed you about prorations because this it is negotiable. So, even if you didn't have a great loan officer, your realtor could have tried to eliminate the prorations.
Bottom line: Do some verifying, then cough up the loot or start fresh from the beginning. Sounds like you have a crapy loan officer, which means you probably were screwed from the start. Plus if you didn't use a buyers agent who could professionally negtotiate on your behalf, then you basically put yourself in a worst situation.
Word to the wise if you choose to start over:
(1)The pre-approval process is the most important. That appointment sets the tone for the tansanction and possiblly the next 30 years of your life. Make sure to get with a proffesional that gets it AND makes sure you get it!
(2) Use a buyers agent. They are free and are proffesional negoitators. Real Estate finance is not a "do-it-youself" project. If you do it yourself, then you (regualr joe) are going up against the seller's agent (profeesional negotiator). Be smart, use a buyers agent.
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helgerti
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if it's a foreclosure house then maybe they want u to pay all the taxes that were left unpaid from previous owner plus a year worth of taxes in advance,, do ur homework before signing anything...i bought a house and had to pay the previous years taxes because the previous owners didn't and the year ahead in advance= 2years of taxes all upfront plus the closing costs... yea u could say its harder then u thought...and that's why buying a house or selling is a great royal pain..check with any lawyer in ur area, most will look at this stuff for free if u know them or very little money...just have them read the agreement......good luck and be patient thats the only thing one can do in this stressful journey.... |
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catcher in the rye
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this is an effect of the economic downfall, and yeah maybe they are trying to screw you, but theres not much you can do about it. our countries in debt because of the companies liek fannie mae and freddie mac who have been giving loans to people who cant pay them back, and now the whole nation has to suffer. i would just liek to add that the bush administration tried 16 times THIS YEAR ALONE to make bills to stop freddie mac and fannie mae from the stated practices, and the democrats in congress voted against them!! |
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godged
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That's ridiculous.
This money isn't for taxes in advance, it is for some lien or some lender fees they are trying to wrap into your loan.
Let me guess.... internet lender?
Go elsewhere. Most lenders allow taxes and insurance to be put into an escrow account which you pay for monthly with your payments.
In my tenure of doing this, I have NEVER heard of a lender requiring you to prepay taxes up front at closing. |
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dee
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do you mean foreclosure as in a bank owned (REO) home?...or did you buy this foreclosure at an auction? If it's a bank owned home you have a clear title, all liens & taxes are paid off. However, if it's the latter you are responsible for all taxes, HOA dues and liens on the property and eviction of tenants, if any.
it's sounds fishy to say the lender called you up directly. lenders are 3rd parties and if they need anything they would contact your loan officer/processor who would then relay this information to you. did they show you something in writing? are they asking for this cash up front or are they including it into your HUD1 which means it's all paid at closing. An impound account is usually set up for taxes & taxes are prorated when you purchase a new home; you only get charged for your portion when you purchase it. Be careful to save money for supplemental taxes, but you won't get that bill till after you close the loan.
I've never heard of this before, you might want to contact an real estate attorney for more information. |
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Lineas121212
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First of all, it sounds like the request for $7000 for taxes in absurd. It is NOT a lost cause!
FHA loans do require an impound account for taxes and insurance, but the most that you would be required to provide upfront as a reserve is 6 or perhaps 7
months worth. I find it difficult to believe that you are paying $14,000 a year in taxes.
I've originated thousands of loans in every state and I have never seen property taxes that high . . . especially considering that the purchase price can not be too excessive if you are under the current maximum FHA loan limits.
It is VERY EASY to find out if your lender's claim for needing $7000 upfront for taxes is genuine - find out what the property taxes on the property are. This is public information released by the local taxing authorities (school district, city, county, state, etc.) and is typically available over the internet. If you don't know how to obtain this information, have your real estate agent get it for you.
--- The only other reason that someone may claim that you owe them this money for taxes is to pay the existing property taxes that are due for the house you are buying. Since you mentioned that it is a foreclosed property, it is likely that there are past-due taxes owed on the property since the payments were not being made (hence foreclosure). Past due taxes DO NOT get wiped out by foreclosure. But, they should be the responsibility of the existing owner (the bank) to pay, not you. Check and see if this is what they are claiming that you have to pay. If so, it isn't right.
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cniner9
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That sounds a little fishy. You might be asked to set up a escrow account which would then be considered reserves for later in the year when your taxes are due. Taxes are different in every state. It sounds like there is some sort of miscommunication or misunderstanding why the money is needed. If you are getting an FHA loan that had down payment assistance on it then this might be the problem since most banks have stopped accepting these, Now you are needing to have 3% down in order to qualify. I would be happy to help answer specific questions. I am not sure this is a forum to advertise my services. I guess if they dont like it they will take it down. Parrish@iwayloan.com is a way to contact me if you other questions. |
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Nick B
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at first i thought u said the bank selling the house. yeah, call the BBB (better business bureau). these guys are trying to pull one on you. |
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LMT in training!
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That seems weird. I have purchased 2 houses and each time the previous homeowner would front their 'portion' of the year's taxes and then I had to pay the rest at the end of the year. Example if the taxes were 1,200 (just to make it easy) and they lived there Jan - June they would pay $600 to me, I would get a bill for $1,200 in December and I would pay it THEN. They may be requiring you to have an emergency savings account with them and keep a balance of what 2 or more month's mortgage payments would be. They tried to make me do it with my current home and I told them to fly a kite and I went with another lender. They wanted me to have 2 month's of mortgage payments in THEIR savings account just 'in case' and I wouId be earning no interest on that money.
I would ask a local realator their opinion since the law's very from state to state and even county to county. |
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southernbelle
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i would contact better bus. burea to find an honest lender. i personally have never heard of this. be leary. |
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ann
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i think they are trying to screw you. |
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