Escrow Shortage?!?
Jecca
18 years ago
Featured Answer
Sort by:Oldest
Comments (17)
Jecca
18 years agoRelated Discussions
Escrow Account?? Or not??? What do you think?
Comments (18)If the other parts of the deal can be set up precisely the same, why not simply pay the taxes and insurance yourself (assuming that you have the self-discipline to set some money aside from each paycheque to cover those expenses as they arise ... and if you lack such self-discipline, you should be taken to the woodshed for a "tuning up", as Dad used to call it ... the application of a strap around the legs a few times, to smarten you up a bit). Or maybe your parents should be ... for not having taught you how to use money wisely as you grew up. That suggestion's somewhat unfair ... as not many kids get involved with setting up mortgages, during their adolescnce. But the issue to which I referred was whether you can plan ahead far enough to make provision to cover payments that fall due occasionally, before the crucial day, so that you can take care of them without chewing fingernails. Most folks need 3-months' income (or, better, 6 months' or up to a year's worth), as a cushion in case of emergencies rearing their ugly heads. If the bank is collecting money for the taxes and insurance and paying them, they're not going to do it for free. So why pay them for doing a simple task that you can take care of yourself? That's if the all of the other terms of the mortgge can be set up the same, which ever route you follow. I don't like mortgage insurance, for the amount decreases over time to cover just the remainder of the mortgage, but the price stays constant. Better get life (and possibly disability, about 4 times as probable) which will likely not cost more, and the payout amount remains constant, enough to pay off the original amount of the mortgage, but as the amount remaining owing decreases, there'll be enough to pay off the remainder owing on the mortgage, and leave some for other purposes. Not only that ... you're the owner of the policy, and you get the money, instead of the bank being the owner and they getting the money. That gives you the flexibility to use the proceeds as you see fit. Good wishes for setting up a plan that you are happy with, over time. ole joyful...See MoreHow accurate are Plat lines on GIS maps?
Comments (40)If anyone is still interested in this issue from an old thread, I recently purchased some property and had to parse the survey description and I thought it was interesting. Here is the first sentance (specific references deleted for privacy): "Beginning at a found 3/4" iron rod in concrete 0.1' below grade located at the northwest corner of the herein described parcel and the southwest corner of (name of neighbors) as described in deed book xxx page yy, said iron rod being located on the easterly assumed road bounds of (multiple names of the road), said iron rod being also located S 20°-59'-01"W as referenced to New York State Grid North by 1983 Datum by GPS Observations a distance of 250.34 feet along said road bounds from a found capped iron rod located at the northwest corner of (name of neighbors again) and the southwest corner of (other neighbors names) as described in deed book zzz at page xx and shown on (name of county map) and running;" Then appears the distance and direction to the next survey point. Then there a sequence of similar descriptions , ending with "... to the point of beginning." Very legalese description, but you see that it depends on finding a specific iron rod, the location of which is referred to another iron rod. It also assumes that the referred deed books still exist (some court records have been lost in fires). When I noticed that the Zillow app on my iPhone shows what I guess are plat lines, I tried to locate some of the corners using that data. I could not find all of them, and some I found were off by up to 50 feet. I know that consumer-grade GPS coordinates could be off by that amount, but maybe the plat maps are also off....See MoreCraigs List Scammers
Comments (28)Here's the warning from CL, boldly posted in the 'cars/trucks'section: How to recognize a vehicle scam attempt on CL: Shipping a vehicle to you is suggested by seller eBay Motors or another intermediary is specified by seller Payment by Western Union or a money wire is requested Price is unusually low (fraction of blue book value) If you see these tell-tale signs, flag ad as "prohibited" and avoid Offers to ship a vehicle are virtually 100% fraudulent eBay has no involvment in craigslist for sale ads, and any eBay or similar emails or web pages you receive are fake Never use Western Union or wire transfer to pay for goods - only a scammer will ask for this, and any funds sent will be lost Do not buy vehicles sight-unseen, regardless of low price. The vehicle does not exist, and any money you send will be lost. Stories about divorcees or departing servicemen needing to sell quickly at a low price are generally fraudulent If a deal sounds too good to be true, it probably is! More information is available for avoiding scams...See MoreIncreased property taxes
Comments (21)it certainly does not hurt to try and get a review, especially if vales are lower than what your assessment has. until a couple of yrs ago alot of FL homeowners were getting reassessments but then our taxes were significantly cut. i used to pay 4X what I do now and for a few yrs in a row i had to pay the shortages, couple times it was thousands of $$. then they ended up w several thousand $$ extra and of course you can not access that $$ and you pay taxes on it. since taxes came down, my overages were rolled over and my payment went down. i refinanced in Jan just as values have been starting to trend back up, now my payment is 1/2 of what it was. we just voted in a mileage rate increase FINALLY so taxes go up a tiny bit. the county lost 1.5% in sales taxes in 2011 + loss of property taxes and every semester they close 5 more schools and lay off thousands more teachers. they desperately need the increase, we have A+ schools here and my property someday selling well depends on my cities school staying open which it may not (chopping block for 1 yr now). ~ liz...See Morekathyg_in_mi
18 years agoJecca
18 years agohouseful
18 years agoquasifish
18 years agodeblw
12 years agotanya_malinov_yahoo_com
12 years agobarbcollins
12 years agokristyheffren1
8 years agosteve_o
8 years agojosephene_gw
7 years agosheltimom3
7 years agobry911
7 years agoRandy Gillard
5 years agomaifleur01
5 years agolast modified: 5 years agoBruce in Northern Virginia
5 years ago
Related Stories
LIFE12 House-Hunting Tips to Help You Make the Right Choice
Stay organized and focused on your quest for a new home, to make the search easier and avoid surprises later
Full StoryMore Discussions
spewey