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Updated almost 9 years ago on . Most recent reply

User Stats

72
Posts
9
Votes
Michelle Romano
  • Warminster, PA
9
Votes |
72
Posts

Loan company forcing you to pay for taxes on a P & I loan.

Michelle Romano
  • Warminster, PA
Posted

Hello - not sure if this is the right forum but will ask anyway. I have a principal & interest loan on one of my investment homes.  I pay the tax and insurance which is clearly stated in the note.  In the 9 years since obtaining the loan,  it has been transferred to 4 loan companies.  The latest acquired the loan in December.  The real estate taxes are due by end of March.  I plan on paying next week however I received a letter Friday that the new loan company paid the taxes and are asking for this years and next years money.  I called and told them this is  a P&I loan only and reassignment does not change the original terms of the loan.   Can they force me to escrow tax money?  Should I pay the tax anyway?  Any advice would be appreciated.  Thank you.

Most Popular Reply

User Stats

72
Posts
9
Votes
Michelle Romano
  • Warminster, PA
9
Votes |
72
Posts
Michelle Romano
  • Warminster, PA
Replied

There is only 56k left on the loan. I did not pay PMI ever. The property is now worth 150k. So you are advising to reimburse them for this years only. Thank you if they persist I will get an attorney.

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