I live in California, near Los Angeles.
Long story short, I had a NOD filed on March 8, 2011. Once my family found out, they offered to help me.
My family pooled some money together to catch up on all of the house payments. So my house is no longer in foreclosure. Though I have “forced lender homeowners insurance”, I am taking care of that in the next 2 days and will have my own homeowners insurance once again. So this will make the forced lenders homeowners insurance problem go away.
Yet when I fell behind in my mortgage payments last year, I could not afford the almost $3,500 property tax bill that was ½ due on December 10, 2010 (the first installment) and also ½ due on April 10, 2011 (the second installment). So in the process, I paid that entire tax bill on April 25th. However in January, I was hit with a new assessment fee on my property for approximately charge of $2,500. So that amount was showing as outstanding on the records as of April 25th.
So now that I am out of foreclosure, yesterday I received a letter from my lender (Bank of America), dated April 27th, stating that they are going to front the money to pay all of my past due property taxes and late penalties. Then starting next month, they will be adding an escrow account to cover my future property taxes and that my monthly bill will be going up to cover this, to protect their interest in my property. Though my family can help me with my mortgage payments, however there is just no way in the world we can afford to have approximately $500 more per month added to the bill. We had planned on paying the remaining taxes by June 1st (to avoid any further penalties), however I just wanted to know if there is anything I can do or say to Bank of America to stop them from adding this escrow account and charging me any extra monthly charges? Since me and my family are trying so hard to keep the house, yet B of A seems that they are almost doing everything they can to put me back in foreclosure again.
Due to the declined real estate market here, I can have my property reassessed anytime after July 1, 2011. So I am sure that my property taxes will be approximately $3,000 once that is done, so when I receive my new property tax bill in late September or early October (this year), it should roughly reflect this amount. Before my B of A letter arrived yesterday, what my family and I had planned to was to make the first installment payment by the deadline date of December 10, 2011 . . . because that will give us time to save the money for that between now and December. However with B of A putting such a HUGE demand and requirement, we don’t stand a chance under those circumstances.
Any help or suggestions will be greatly appreciated.
Long story short, I had a NOD filed on March 8, 2011. Once my family found out, they offered to help me.
My family pooled some money together to catch up on all of the house payments. So my house is no longer in foreclosure. Though I have “forced lender homeowners insurance”, I am taking care of that in the next 2 days and will have my own homeowners insurance once again. So this will make the forced lenders homeowners insurance problem go away.
Yet when I fell behind in my mortgage payments last year, I could not afford the almost $3,500 property tax bill that was ½ due on December 10, 2010 (the first installment) and also ½ due on April 10, 2011 (the second installment). So in the process, I paid that entire tax bill on April 25th. However in January, I was hit with a new assessment fee on my property for approximately charge of $2,500. So that amount was showing as outstanding on the records as of April 25th.
So now that I am out of foreclosure, yesterday I received a letter from my lender (Bank of America), dated April 27th, stating that they are going to front the money to pay all of my past due property taxes and late penalties. Then starting next month, they will be adding an escrow account to cover my future property taxes and that my monthly bill will be going up to cover this, to protect their interest in my property. Though my family can help me with my mortgage payments, however there is just no way in the world we can afford to have approximately $500 more per month added to the bill. We had planned on paying the remaining taxes by June 1st (to avoid any further penalties), however I just wanted to know if there is anything I can do or say to Bank of America to stop them from adding this escrow account and charging me any extra monthly charges? Since me and my family are trying so hard to keep the house, yet B of A seems that they are almost doing everything they can to put me back in foreclosure again.
Due to the declined real estate market here, I can have my property reassessed anytime after July 1, 2011. So I am sure that my property taxes will be approximately $3,000 once that is done, so when I receive my new property tax bill in late September or early October (this year), it should roughly reflect this amount. Before my B of A letter arrived yesterday, what my family and I had planned to was to make the first installment payment by the deadline date of December 10, 2011 . . . because that will give us time to save the money for that between now and December. However with B of A putting such a HUGE demand and requirement, we don’t stand a chance under those circumstances.
Any help or suggestions will be greatly appreciated.
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