Open letter to Indiana's media:
July 8, 2008I predict within the next 30 days, there will be a tremendous level of unrest among homeowners regarding their property tax make-up bills due this Thursday and the increased tax bill for 2008.
Complicating the situation, most Hoosiers will spend their "rebate" checks the day they get them on things other than their property tax bill.
Most homeowners do not understand the substantial financial impact yet because their bills are paid through their mortgage escrow accounts. My mortgage company, Countrywide, paid my make-up bill last week. Currently my escrow account is now more than $2000 in arrears, however, unlike most homeowners, I contacted my mortgage company in advance.
Complicating the situation, most Hoosiers will spend their "rebate" checks the day they get them on things other than their property tax bill.
Most homeowners do not understand the substantial financial impact yet because their bills are paid through their mortgage escrow accounts. My mortgage company, Countrywide, paid my make-up bill last week. Currently my escrow account is now more than $2000 in arrears, however, unlike most homeowners, I contacted my mortgage company in advance.
.
Mortage companies get extremely uncomfortable when escrows are in arrears. They react by raising the escrow payments higher than what the new tax is, creating a whole new mess for the homeowner to straighten out with their mortgage companies.
.
Mortage companies get extremely uncomfortable when escrows are in arrears. They react by raising the escrow payments higher than what the new tax is, creating a whole new mess for the homeowner to straighten out with their mortgage companies.
.
Bills for drastically increased monthly mortgage payments will start hitting mailboxes within the next thirty days. Most people are completely unprepared for what is about to hit them. Give it 30 days.
--Melyssa for HFFT
3 comments:
Well, I hope you're right.
But I will pray that they get mad over more than just their property tax; because they'll be socked with rocketing prices, lost jobs, lost liberties, rising crime and another foreign war.
That's my prediction, anyway.
To protect yourself, go to an installment loan instead of a mortgage loan.
If you have a mortgage pay taxes outside of escrow. Keep your own money and invest it till tax time. Rely on your own finances instead of a mortgage company escrow account telling you what to do with your money.
Take action and pay bills when they are due. Set up an emergency
fund equal to 3 months pay.
Finance your taxes to be paid 2
times in Indiana. If they are not correct then file a form to get the erroneous taxes corrected.
You lost me andrew horning. what does an unfair property tax have to do with another foreign war? The federal government handles national security. Property taxes are a local thing. also, if U.S. soldiers are fighting it, how is it "foreign"?
Or were you just trying to get a little Bush-bashing in?
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