I never prepay. Just pay my monthly amount.Con_Alma;886057 wrote:Don't you have to prepay in escrow?
ummmmmmm :huh::huh::huh:ernest_t_bass;886065 wrote:I never prepay. Just pay my monthly amount.
That is prepaying. They hold the monthly amount until your payment is due.ernest_t_bass;886065 wrote:I never prepay. Just pay my monthly amount.
LJ;886067 wrote:ummmmmmm :huh::huh::huh:
Herp-a-derppppppFatHobbit;886068 wrote:That is prepaying. They hold the monthly amount until your payment is due.
Which is where the mismanagement comes. They never do any research until AFTER the bill comes.FatHobbit;886068 wrote:That is prepaying. They hold the monthly amount until your payment is due.
That is exactly the process to which I was referring. What data did you take for support, an appraisal or your own data?Skyhook79;886027 wrote:Did that 2 years ago but had to go to a 'hearing", not too big a deal, but they did lower my taxes by about 1600 a year between 2 properties. Well worth the time and effort.
I always let them work it into my payment. Seems like a free loan to me. Is there a drawback to that?LJ;886074 wrote:Which is where the mismanagement comes. They never do any research until AFTER the bill comes.
"Hello, Mr. Herp? This is Derpina from HurrDurr Bank, we just got your tax bill, you are $900 short on your escrow, would you like to pay by check?"
I don't think there is.... I'm not SUPER versed on escrow since I don't do it.FatHobbit;886078 wrote:I always let them work it into my payment. Seems like a free loan to me. Is there a drawback to that?
I had mine lowered in Franklin County in 2009. I just took the print offs of every house on my street showing that they dropped all of them by an average of 10% and kept mine the same. They lowered it without issue.Steel Valley Football;886077 wrote:That is exactly the process to which I was referring. What data did you take for support, an appraisal or your own data?
Thank goodness I've never had an issue!LJ;886074 wrote:Which is where the mismanagement comes. They never do any research until AFTER the bill comes.
"Hello, Mr. Herp? This is Derpina from HurrDurr Bank, we just got your tax bill, you are $900 short on your escrow, would you like to pay by check?"
Had an estimation of value/appraisal from the bank (which I didn't pay for) that was done in 2009 for a "possible" re-finance and comps from the neighborhood which I got myself. Pretty painless really.Steel Valley Football;886077 wrote:That is exactly the process to which I was referring. What data did you take for support, an appraisal or your own data?
LJ;886080 wrote:I had mine lowered in Franklin County in 2009. I just took the print offs of every house on my street showing that they dropped all of them by an average of 10% and kept mine the same. They lowered it without issue.
That's what I tell people. So far, I've been on two threads trying to explain the process and pretty much get ignored. Then you have someone like j crazy throwing out 100% false info about it, like you should never ever try to fight them on your assessment. People are dumb if they don't do it.Skyhook79;886130 wrote:Had an estimation of value/appraisal from the bank (which I didn't pay for) that was done in 2009 for a "possible" re-finance and comps from the neighborhood which I got myself. Pretty painless really.
Good relationship with my neighbors. My section of the neighborhood, everyone had bought within the past 2 years and there were like 8 total families on the street at that time. Also, it's pretty easy in a new neighborhood, because if it is different than the purchase price, it is obviously a reassessment.Steel Valley Football;886145 wrote:But how did you know everyone else's prior assessments to calculate that average? They reassess every three years and don't show the prior assessment.
Yeah, I was really pissed. I bought the house in 07, and it was the 08 assessment. I didn't know they had lowered the neighbors assessments until one neighbor mentioned how nice it was to have a little more money because of their lower tax bill, so I asked "huh?". Honestly, I think it was an oversight, which is why it was so painless.Steel Valley Football;886163 wrote:Seems odd that the county would go out of their way to lower 7 of 8 property assessments and not do the last one.
yeah i meant parish not state. and regardless during the hearing they basically reamed me and put up my taxes an additional 250 anyway.Steel Valley Football;885544 wrote:Why would the state be appraising your house?
A word to the wise: DISPUTE YOUR APPRAISAL!
The county reassessment boards are so backed up right now that, if you provide the correct sales data, they will lower your assessed value with no questions asked. The forms to do this are on your county auditor website. AND calling on the phone is not the correct process.
Tell me the benefits that escrows offer beyond 1 monthly payment?thedynasty1998;886755 wrote:Escrow isn't as dumb as LJ is making it out to be. Yes, the bank is doing nothing special other than protecting their investment and it's a convenience.
Doesn't it protect their investment though? Guarantees the homeowner will have insurance in case of disaster, and prevents the homeowner from not paying taxes and creating a tax lien.LJ;886762 wrote:Tell me the benefits that escrows offer beyond 1 monthly payment?
Oh wait, there are none. Banks have swindled people into thinking that escrow is advantageous to the borrower, when it is clearly not. Escrow is pretty pointless from a consumer standpoint.
It helps the bank yes, but why should the consumer care about the bank's financial interests over their own? All the advantages are for the bank, none for the consumer.WebFire;886775 wrote:Doesn't it protect their investment though? Guarantees the homeowner will have insurance in case of disaster, and prevents the homeowner from not paying taxes and creating a tax lien.
Well, they have the cash you and don't. You want the cash. Why wouldn't they protect their investment? I'm not disagreeing that it doesn't help the consumer, but it makes sense on the bank end.LJ;886777 wrote:It helps the bank yes, but why should the consumer care about the bank's financial interests over their own? All the advantages are for the bank, none for the consumer.
That's the obvious benefit of the bank, and I'm surprised every bank doesn't require it.WebFire;886775 wrote:Doesn't it protect their investment though? Guarantees the homeowner will have insurance in case of disaster, and prevents the homeowner from not paying taxes and creating a tax lien.
It's more of a benefit of the bank, yes. But don't act so superior because you choose not to escrow.LJ;886777 wrote:It helps the bank yes, but why should the consumer care about the bank's financial interests over their own? All the advantages are for the bank, none for the consumer.
I choose not to escrow because I am concerned about my financial well being and take responsibility for it. I don't let some bank dictate it for me. The advantage is for no one but the bank. I think it's funny that now, not only is one of the advantages that you have one monthly payment (that may end up being short and have an accelerated repayment..... or may be too high, and well, we all know about the time value of money right?) and also that it is an advantage for the bank? Yeah, that is really an advantage for the consumer.thedynasty1998;886785 wrote:It's more of a benefit of the bank, yes. But don't act so superior because you choose not to escrow.
