MORTGAGE ESCROW VS. MARION COUNTY TREASURER
If your mortgage company pays your property tax via your escrow account, you’d better call them to see not just what they did in the Spring,’07, but what may have happened since then. We all know that many sent double payments, based on the double orders from the Dept. Gov. & Finance stemming from the Governor’s reversion to the 2006 payment rate. While waiting for the November bill to arrive which showed a 100.00 credit (at least until the final reassessment next year), it should have been much more, but the Marion County Treasurers could not tell me how much they originally collected into their account; only whether I owed or had a credit. Amazed at their inability as a public treasurer to keep track of total money intake, I called my mortgage company who confirmed that 600.00 was returned to my mortgage escrow account in August WITHOUT MY KNOWLEDGE or NOTIFICATION.
Secondly, those who overpaid and the treasurers office kept it, pending a final adjustment next year, could experience a coma when they open their 2008 installment coupon booklets, because the mortgage company would have factored in what was disbursed for 2007 and recalculated that inflated figure into your 2008 payments. This is going to be another big mess and certainly worth a phone call now to avert an administrative Katrina coming your way.
Editor's Note: Marion County Treasurer Michael Rodman is putting his hat in the ring for Julia Carson's unoccupied 7th District Congressional seat. If he's not competent to be treasurer, why would he be competent to represent us on Capitol Hill?
We noticed this week that many Indiana residents are landing on our site by googling different combinations of the words "escrow cancellation". We hear people are getting socked with statements from their mortgage companies claiming that their mortgage payments need to be raised in anticipation of escrow shortages to cover the fact that our homes are being used as collateral (without our consent) against the state's debt. You won't have much luck cancelling your escrow without a complete refinance of your home. Getting a refinance is extra difficult these days due to the home foreclosure crisis coupled with the property tax crisis.