All Forum Posts by: Jackie F.

@Jon Holdman

I completely agree and understand what you are stating.  However, the lender is going to the extreme.  This is what I saw in the first estimated Closing Disclosure.  These are all separate line items in the closing disclosure:

• Line item: INSURANCE Premium $2500 (will be go to insurance agent @ closing)
• Addt'l Line item: 12 months INSURANCE escrow $2500
• Addt'l Line item: 3 months INSURANCE escrow @ $208 / month, for a total of $624
• Line item: 12 months TAXES escrow $7000
• Addt'l Line Item: 3 TAXES months @ $582 / month, for total of $1750

If you add all that up, they are seeking $14,375 in escrow for est $7000 in taxes (due in Nov) and $2500 in insurance due in 12 months.  Not to mention the monthly escrow payment of $791

My best guess is that this is all preliminary estimates and that they amounts will become more reasonable when we get the final Closing Disclosure.

These appear very far fetched IMO

@Greg Scott , My credit is pretty good.  Nothing to really clean up.  Credit score +700 with no debt besides real estate (2 rentals + primary I am purchasing now).  No car payments, nothing else on my credit report except my current mortgages.

My issue is a short sale that took place +2 years ago.  This is the lender with the best deal to move forward with the transaction.  Just that the escrow requirements appear extreme and a bit unreasonable. 

@John Thedford Thanks for the information.  Are you stating that there are no limits to what a lender request at closing for escrow?  I do understand that once adjustments are made to have to legally refund certain amounts.  But that is 12 months after closing I supposed.

FYI, the taxes in Florida are due in November.

My current lenders for a primary residence I am purchasing is requiring 12 months of escrow UP FRONT AT CLOSING for taxes and insurance PLUS the normal contribution going forward.

I have a shortsale on credit report dating back to Dec 2013 so I am using a subprime lender and this is one of their requirements.

My question is, is this even allowed?  I am scheduled to close on 3/25.  By the time my property taxes are due, I will have approximate 21 months of property taxes and insurance funds in escrow.  Is this allowed by RESPA?

I'm looking to buy a live-in house in a great area in South Florida where a suicide took place.  There was a stand off with police (this happened back in 2011 and the house was foreclosed on in 2015 to the dead person and their spouse).  The house has had some issues getting sold due to some yard violations that back had to resolve, but it is in great condition.  My offer would allow me to get some good equity going in, hopefully I get it at that price.

My wife seems OK with it if we are able to get a further price reduction.  The selling realtor did not disclose and we found out 5 hours after putting in our bid in writing.  We are now waiting on the sellers response to us finding out about the suicide.

Was my post removed? why?

I am looking into purchasing a home with multiple code violations in the city of Ft. Lauderdale and am looking for a general contract GC to assist me with the inspection.  Anyone here have someone who is reliable and charges fair market value?  Thanks.

Thanks Chad, that's what I'm looking for.