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My f****ng mortgage just went up $800 more WTF?

3K views 61 replies 39 participants last post by  djtohkee 
#1 ·
I live in crook county and I received statement from bank with balance $800 more than usually. The escrow went up. I did call them up and they said the taxes went up ! is that fucking right???
I can't believe this shit!

:mad
 
#4 ·
1. Make sure that they have u living there.
2. File an appeal
3. Crook county has been fucking with everyone
 
#10 ·
Taxes go up and your escrow is underfunded. They adjust the amount escrowed to cover future taxes and bill you monthly for the under funded difference that you were short. Chances are they have you paying back the difference in 12 months, if your bill went up a substantial amount(sounds like it did) call your lender and they'll extend your escrow payback period. I've had this happen.
 
#12 ·
My Bldg files every year for us - Comes out of our Opp Budget - The one thing I like about this Association

Remember, if you are paying your taxes lumped into to your Mortgage, you are paying on an estimated basis - I have actualy gotten checks back (not in years but...) where I over paid but yeah, surprise, our State is broke and Cook County is home to the 3rd largest City in the USA so of course we are gonna get squeezed more than other counties - If you are a burglar, you rip of the nice houses - You don't go shack hackin (it's a term)
 
#14 ·
Food for thought here guys-

Property value drops will NOT make your taxes go down. The taxing bodies are still going to get their money. If they lower the value on your property, they WILL raise your tax rate to make up the difference. They can raise the rate 10% per year without voter input.


I have also had the escrow shortage letter come. Not fun at all. I usually just cut them a check for the full amount, if possible. I have also gotten the check from out of the blue.

I think next year I will try to appeal it, just because I've never tried.
 
#16 ·
did you not file for the homeowner's exemption? What does your escrow analysis say?

Even though you escrow the taxes, you get the tax bills. Compare your taxes to last year. you should also be able to do that by looking at your mortgage account online and looking at the history of the escrow.
 
#18 ·
Really? - You're a smart guy......
 
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#19 ·
Yep - And then Fact Husky sends out new 511 SMRs to all owners of both an '04 and '11 SM Platform bikes and they are delivered by Audrina Lima who gives you a blowie upon uncrating - Life sure is swell......
 
#25 ·
Good luck appealing your tax bill dont know about up there but down here it is draconian process 7 copies of this or that that must be notorized they just make it so difficult and confiusing nobody does it !!!!!!!!!!!!
 
#36 ·
I got the same thing. The 2nd installment tax bill will reflect a lower tax bill which will in turn lower your escrow and lower your mortgage payment through your lender.

It is pretty fucked up that the value of our homes have gone down so much and these assholes up the taxes.

Common sense would say that the value of the home is directly related to the taxes you pay. They are crooks. Fucking crook county.
 
#58 ·
I see the argument but here is the logic. Essentially, the value of your home is only the % share you pay in tax compared with all the others in your tax district.

To be sure, government levies taxes based on expenses. So if you have a government budget of $100 for example and you have two home owners comprising the district its a fact that together those homeowners will have to pay the $100 tax.

However, homeowner 1's property in year X is valued at $1000 and homeowner 2's property is valued at $500. Logic then dictates that homeowner 1 will pay more than homeowner 2 but together they will still pay $100 which covers the budget.

In year X+1 homeowner 1's value decreases to $500 and homeowner 2's value stays the same at $500. Therefore in year X+1 both will pay equal shares of $50 toward the total taxing entity's budget of $100.

So while value is important it is a floating share of the total taxing body's levy, where all property owners essentially have a share of the burden based on individual property value.

The long and the short of this is that government has a budget and regardless of property values increasing or decreasing that total tax must be paid. So yes, property values can fall and you may have an increased tax burden. In fact, ALL property values for ALL properties can fall and EVERYONE may still see bigger bills. That's because the government's budget doesn't shrink.
 
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