Legal Question in Real Estate Law in California

Re: Escrow

With all due respect, no matter what branches service your aunt you owe your real property taxes. Mayor due in a specific time in California, and their late after a specific date. The whole purpose of escrowing real property taxes is to pay them monthly so that one may I do they can be paid timely without being either late or insufficient. If there insufficient to caddie won't accept it. Therefore, no matter what you all whenever the taxes. If someone made an error in calculation it does not avoid the tax. You have to make up for the error in some way so you either pay a monthly basis or you make sure that you have all the money available no later than December 10th or April 10th in any given fiscal tax year. It's just that sample. Now, come on the really want someone to tell you that because there was an error in calculation there is no tax due. Because there was an error in calculation the lender owes the money. Give me a break, come to the real world and understand we all have obligations when we own real property. Errors in calculation do not avoid the actual debt. If three had dollars more month is overburdening then maybe you should not have bought a piece of property to begin with. Sorry to be so blunt but this is the real-life.

Re: Escrow

The county assessor sets your tax rate, not your lender. You would have been paying a higher payment before. Look at it as an interest free loan for the time period that someone else paid your taxes.

Re: Escrow

Where is the mistake? The other two answers assume it's in the tax impound amount, but maybe not. A mortgage bill is a multi-layer sandwich consisting of payments toward principal, interest and impounds such as taxes and occasionally other items such as insurance and special assessments.

If the mistake is in the tax segment, it may have resulted from using the old tax amount or a poor guess at the new tax amount. A lender should be able to do a reasonably accurate advance estimate if they know the purchase price and all the terms of the deal, but mistakes are easily made.

At least with taxes, the error can be corrected and you will be billed for the (more nearly) correct amount in future years. A mistake in the principal or interest numbers might be a long-term headache.

It's very unlikely you could hold the lender, servicing agent or impound holder liable for any damages, much less the whole amount of the underestimated impound. That would be (almost) like suing the bank when your Christmas Club account doesn't have enough money to pay for all the gifts you need to purchase.