matrix6101 said
I just bought a foreclosures home at the end of Oct 2008 in West Sacramento. I just received a statement from Countrywide Lending informing me that my mortgage payments are going to increase $450.00 month. Reason being there was a short in my Impound account. I just couldn’t believe this, I was very upset. How could Countrywide affiliate with Bank of America make a bad calculation? I was not happy at all. I then made an appointment with the Countrywide Loan Officer and ask him and the underwriter. How could you all make a large mistake not calculating the payments correctly and not collecting the funds during Escrow? This is not a sub-prime loan or a pick a payment loan. Be aware buyers out there. When applying for a home loan with Countrywide. They will give you an estimate of "Property Taxes" so, being that I bought a home in West Sacramento, there was Mello Roos and other assessment including in the taxes. Which I was not aware being new to the county. The loan agent and underwriter said" well if we would have calculated the MelloRoos and Assessment “you would NOT qualified for the loan. I was appalled when I heard this from an underwriter and a loan officer from Countrywide. This sounded like the loan officer was selling a pick -your payment option/sub-prime loan. Bottom line Countrywide Bank loan officers are they just to get there share. It's all about the $$$. I asked the loan officer and the underwriter. “So, you’re telling me Countrywide is not aware of the property taxes that are being paid on there “foreclose homes”. That’s all bull@#$. Then lender has to pay for the darn property taxes, which includes Mello Roos and Assessment. Now, I understand why Countrywide is now affiliate with Bank of America. All Countrywide Pick-a- Payments loans they sold. As a shareholder for Bank of America and ex- employee of Bank of America. A message to any Associate from BofA in Sacramento area. Loan agents, you need to train the CountryWide loan officers and underwriter at here in Sacramento area. I just can’t believe this is happening out here in the Sacramento area. Not to mention Countrywide is now affiliate with Bank of America. What a shame. So be aware ... there is still not honest lenders out there. Before buying a home. Make sure you find out the property taxes in that county you are buying from first. Don’t leave it to the “Countrywide Loan Officers” Check with the County Taxes Assessments first. Ken Lewis .. should have back away from the deal of Countrywide. BofA associate, train your Countrywide lenders out here. This type of services impacts the quality services to consumers and it all falls on “Bank of America” now that we affiliated Countrywide. Take “Ownership” as a shareholder.

Jason said
Ultimately, you are always responsible for property taxes or assessments. So if the county has a website, it is best to find out previous taxes on that specific property, or whether they have a way to "estimate" based on value (since Proposition 13 or tax on an empty lot before new construction might make previous taxes artificially low).And it is best to check the county site to track if your lender is properly paying your property taxes from escrow on time.I had problems with my lender neglecting to pay taxes on my double lot the year purchased (2002), which I suddenly had to pay myself directly after receiving notice of tax sale. Then my lender misunderstood, thinking they had paid the wrong bill (when they should have paid both), and sent me too much back from escrow. The following year when it finally sank in that they had to pay both lots, they bumped up my escrow payments to catch up. But I knew that would come eventually, so I was prepared for the escrow increase.

onlineskateshop said
Thanks for the info. I think you may have recourse through errors and omissions, both from lender, underwriter, maybe even the RE agents too. Not versed on CA law, haven't lived there for years. Formal disclosure must still occur in escrow BEFORE closing, I'm sure of that. Call your attorney. Then your Congressmen. Don't forget the newspapers. WOW.