Legal Question in Real Estate Law in California

My mrtg company failed to include special assessment taxes with my fixed 30yr mrtg payment. (taxes and insurance impounded) My monthly payment has increased significantly.

The loan processor mad a huge mistake..what can i do?


Asked on 1/08/11, 1:59 pm

1 Answer from Attorneys

Bryan Whipple Bryan R. R. Whipple, Attorney at Law

I can understand how you might be quite upset about this, and maybe your loan processor made a mistake, but perhaps the mistake was made elsewhere.....please take a moment to consider the followingbefore jumping all over the loan processor:

(1) Does the loan agreement require the borrower to inform the processor of special assessments?

(2) To whom are the tax bills sent?

(3) Does the loan agreement provide that the processor is to collect, impound and pay special assessments as well as regular taxes?

(4) Does the loan agreement (or any related paperwork) contain any language regarding responsibility for the correctness of the tax collected, or paid, by the loan servicer?

My point is that you may be right, but without a remedy.

Read more
Answered on 1/13/11, 4:16 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California