Foreclosure in ERROR

[Truwilliams763]

I am in the middle of a great battle. The home that my father-in-law purchased for my husband and I, was foreclosed upon as a result of a large error by the selling bank. The bank failed to run a PROPERTY TAX assessment BEFORE the paperwork was signed for purchase. They increased our monthly payments by $600 per month causing the payments to increase from $1175.25 to $1890.00 per month stating that they were doing that as a result of the yearly taxes that they were OBLIGATED to pay. They said that the taxing authority had an increase in taxes, which I question because The home was previously valued at $348,000 the year before and according to the information I was able to get from the tax assessor's office the year the house was sold to us, the value of the home was $200,000.

Anyway, I found out that they NEVER ran a proper property tax assessment and totally UNDER ESTIMATED the property taxes for the home. The HUD one never showed a proper amount for the property taxes. The bank had the property taxes listed as $2129.

Last time I checked 6% of $200,000 is $6,000. I asked them where did they get their calculations for the low property taxes they estimated and they could not tell me because "that was four years ago."

I am bring suit for negligence on the part of the bank, because they had a obligation to disclose all Important information of the purchase and it was not disclosed. I dont know if it was intentional or just plain error, however, it has cost us our home and my father-in-law his good credit rating. I have involved the OCC and any other government organizations that will help. What other help can anyone offer.

 

[Michael Wechsler]

I'm very sorry to hear about your problem and am sympathetic. I think I answered your other question regarding an appeal. Understand that most come here with no excuse for not paying except that they couldn't afford the home.

So what I understand is that for four years you were supposedly behind on the mortgage payment because of a tax assessment error. As of right now, I don't know that there was an error. Let's assume that there was an error. I don't know if the statute of limitations would apply but let's assume it doesn't because you were continuing to be harmed by the error.

1. Did you have an attorney represent your father in law as the purchaser?

2. This is a very sizable error. Why was it not noticed before by any of you?

3. Please explain the nature of the error specifically. There seems to be a property tax reassessment. What was the date of the reassessment? Are you saying that the assessment declined almost $150,000 in one year and the wrong figure was used?

4. When did you raise this tax problem with the bank? Was it during the foreclosure proceedings? Did they concede that an error may have been made?

I don't know enough to make any recommendations on this case.