Truwilliams763
New Member
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.
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.