Property Taxes

[Ann]

I have a question that I really need answered. First, please don't assume I should know the answer to this because if I did I would not be asking. I think I may have hit a bump in the road prior to me filing for chapter 7 in late December. Here is my question... I have approximately $2000.00 in property taxes that need to be paid for 2008. I now have an accumulated amount of $2600 for property taxes due for 2009. I did not have the money to pay these out right. I was able to pay at least half of my taxes for 2008 in February. That left the $2000.00 balance (along with penalty and fees) for the 2008 taxes. In late September my mortgage company sent a letter stating that I had until October 21 to pay my tax bill or they would set up an escrow account. Now, I guess I should be glad that they will pay the amount owed but I'm confused as to whether they will also put an estimated 2010 taxes in escrow also. I understand I must repay my mortgage for the past taxes that were due spread out over a 12 month plan but if I have to come up with all of this spread out over the next year I will never be able to keep up with the payments. Please if anyone has any experience with past property taxes please comment. Thank you!

[rockyroad]

Same thing happened to us....Couldn't pay property taxes of $7k, received letters from County, school district, etc. threatening suit, and BOOM...BOA pays the back taxes and sets up escrow. They also add in the estimated taxes for 2010, based on last years amounts.
Now I owe $14k escrow spread out into 12 payments which is over $1k per month in addition to the two mortgages.
Based on your lender, they will probably estimate the new taxes into your escrow as well

[frogger]

The property taxes are attached to the property, so someone must pay them. The bank does not want your property back and should be willing to do most anything to help you pay for it.

Ask and you will probably receive. If not, ask someone higher up the food chain...