7 On Your Side: Property tax nightmare for NJ homeowner
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- Опубліковано 4 тра 2022
- What happens when one of the country's largest mortgage companies simply doesn't pay and blows you off for months?
abc7ny.com/property-tax-payme...
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You know it's sad when some companies refuse to do the right thing for their customers until the press gets involved. Just so sad.
Right?!? I have to remember to go to the news if I don't receive answers. This could happen to anyone
@RandomNess What a silly answer… as if all companies were the same. Sometimes management cares and the underlings don’t. Sometimes it is the other way around. Sometime neither management nor the underlings care. Sometimes they both care. There are literally millions of businesses and they are not all the same.
@RandomNess
Really you think upper management cares but the lower employees don’t? You have it backwards. The lower employees are in allowed to spend the time. Upper management only reacts when there’s bad press and it may affect their bonus.
This is one of the reasons journalism exist to give voice to the little guy. 👏 Job well done
This man's voice was fine enough.
Let's call out the criminal and not minimize the individual.
No city or town should ever be able to sell your home for taxes that don't even equal half your home value !!!! LAWS NEED TO CHANGE ASAP
Home ownership is a loan and tax scam.
They'll change when New Jersey stops voting democrat which means never.
@@JesusChrist2000BC NJ is a conservative state
@@thesungod2360 maybe you haven't been to camden.
Ok, but meanwhile, back at the ranch, gotta pay ‘em.
Same thing happened to me with Loancare. They didn’t pay my home insurance. I found out when I had damaged to my home and put in a claim. I wasn’t covered. Long story short after a trip to smalls claim court and 1.5 years they issue was finally remedied
This happened to me. Arvest Central Mortgage wouldn’t allow me to pay my taxes then paid late . Then they wouldn’t allow me to take over my taxes because “I” was delinquent …while THEY had sole responsibility. Finally they let me pay. Then they sent me delinquent notices with no information. I called, emailed and mailed all records I could access. NO response. Then they sent a final notice on the home part of the property (parking space is separate) without sending a first notice. I spent the morning at Cook county paying for documents and paying a fee they never paid. I emailed, faces, mailed to every address provided (multiple addresses were given in various letters and phone calls. ARvest Central Mortgage is either incompetent, negligent, or plotting to
cease my property.
Yea that sounds malicious. Using These schemes to take homes have been rising across the country.
When it gets to that point, you need to start getting lawyers involved. And heavily document everything occuring.
This TV station should have covered your case as it seems more malicious and serious.
*seize
These banksters are all criminals!!!
I had this happen once. Got it resolved but had to be persistent for a couple of months. And the only reason I caught that my taxes hadn’t been paid was because I checked the county assessor’s site, just out of curiosity.
Every responsible homeowners should check the tax rolls twice per year to make sure the numbers balance. A home is too important to wing it.
20 years in mortgage servicing - mistakes like this do happen, and homes CAN be lost in tax sale. Great job by the homeowner for diligently following up and ensuring his interests are covered!
It doesn’t matter. It should stop happening. Stop giving excuses - sounds like you might have made this mistake
This is why I got off escrow and do it myself
@@theboujeelife9837 everyone is human. Mistakes are a human nature. Let me know if you’ve not made any mistakes in your life.
Servicers deal with millions of homes in their portfolio and their system. At least 1% is bound to be missed.
@@michaelnguyen3461 and YOUR mistakes (I'm assuming you are a servicer because you are jumping in) could have DEVASTATING impacts on homeowners, so there should be many review points along the way to prevent such mistakes. Mistakes have varying consequences - you are comparing apples to oranges
@@theboujeelife9837 I’m not a servicer. I’m in the industry so I’m familiar with every step, and I can assure that there are many checks during the process, but most of it is automated and sometimes clears the systems incorrectly.
You are correct that it can impact homeowners, but if you are the type of person that relies on everyone else, that may be a problem down the line. You are a homeowner, so be responsible for every aspect of the home, and includes payments for taxes and insurance.
Payment Negligence is real in most companies. Always a good idea to check your bills and never use autopay.
What a beautiful home and glad everything worked out for him.
That’s why we’ve never allowed any mortgage company to hold escrow.
We pay our own taxes and home owners insurance. Period.
We’ve owned 4 houses over the years and always did it that way.
This is the very reason why I always paid my property tax and home insurance myself.
Heck yes!! I just refinanced into a mortgage without escrow!!!! Saves me $800/‘month in PMI and fees I can just pay myself. Got a refund of $9K
Us too. It's easier to have the mortgage company pay it, but if you do it, then YOU KNOW.
Thank You! This is what we need more of. If every channel had 1 department like this, there would be great content and help going around.
This is one of the reasons I’m considering not having an escrow account with my mortgage and just pay it myself
Most won’t let you do that on a first mortgage
When I refinanced years later it went away
@@g.t.richardson6311 not true - pay 20% down and they let uoy
@@rishidhar6499 ok never heard a 1st mortgage holder agreeing to that, on a purchase , refinance yes
20% was always the limit to avoid the PMI I remember that
Haven’t had a mortgage for 5+ years
Paid off a 30 by refinancing twice and paying extra in 18 years
No escrow in the refinances
I’ll probably be putting 50% plus down on any future purchases
That’s so sweet for helping that man and his family.
I’m just surprised it’s only $2600. Jersey taxes are wayyyyyyy more than that.
They said quarterly
Thanks for helping this gentleman.
Tip to homebuyers and refinancers: DO NOT impound your taxes and insurance with your lender. Pay them directly. Don't assume a 3rd party (your lender) is doing what they are supposed to do.
My first and second mortgage required that the lender pay these costs. I wanted to be in charge of that, but they wouldn't let me. I worried about them being in control of that. They worried about me being in control of that, afraid I would default on that obligation. My third house I paid cash for and have paid both taxes and insurance ever since. I could even dispense with the insurance if I wanted to, but that would be unwise.
Most mortgage companies REQUIRE the taxes and insurance to go through their escrow account.
@@virginiamoss7045 Hmmm. I'm surprised it is legal to force an impound. As for defaulting, the lender will simply purchase (expensive) insurance and bill you for it. Always maintain homeowner's insurance whether mortgaged or not.
@@paulk9985 Pretty much all what I said. I would never risk the loss of a fully paid for house for lack of insurance. If one were to not have coverage it would make more sense on a house you have little equity in not full equity.
@@paulk9985 I should have said the lender would pay those costs and then bill me for them.
This is why we always mortgage without the escrow. I’d rather rely on myself to pay the taxes and insurance than to give the mortgage company my money to hold on to.
Yes. That's what I did myself. I rather be the one covering property taxes. It's not difficult to set money aside for it since I know what it's going to be.
Not all mortgages will let you do that.
Because paying the tax and the insurance protects their interest.
If the house I’ve been lost to a tax sale the mortgage company would’ve taken a hit. And would’ve lost in court if they decided to pursue it.
@@neilkurzman4907 by paying the mortgage company, they can make money off your escrow, did you know that? It's less of a service but more of an interest free loan.
@@clearcut6818
You can guess about the motives but in the end it’s off not a choice. End it also means that they pay the taxes even if you don’t pay your mortgage. That protects their equity.
@@neilkurzman4907 they are in a better position financially, so even if you didn't pay your taxes for three months, they won't go under. When the situation is reversed, the homeowner often don't have the funds to cover the missed tax payments, thus resulting in default. It's best you pay your own property taxes for that reason.
i worked for a fairly big mortgage company and this was commonplace, what likely happened is that his mortgage servicing rights got sold and the billing department takes time doing the paperwork
Yes! I've witnessed that many times.
I am literally going through this exact same situation right now.
Call 7!
Awesome job! I’m always thrilled to see investigative journalists run with stories, even from the little guys. Keep up the great work. 💪🏻
Power to the people! Excellent journalism 🤘🏼
I bought my first house in 19, new build & my mortgage company did not increase my property taxes to match the improved property tax amount so I got slapped with a 7+k tax bill. Thank god I had the money and paid it otherwise my lender was going to increase my mortgage payment by 600 a month making my home almost unaffordable. Be carefull what you sign.
Beautiful, 👏🏽👏🏽👏🏽 Job well done!! Love these stories. LAUSD parents need you in L.A.
Amazing what a little news coverage will do!
Never trust someone else to pay your property taxes and your home insurance.
It’s your home and your personal asset, those companies want you to lose the property so they can take it from you. What they left out in this report is how much that property appreciated since he bought the home.
If you have unpaid taxes the city would sell the property as they have a first position lien.
The mortgage company would only get up to the loan amount owed, the remainder goes to the owner or any other lein holders….
Not like the mortgage company magically makes more money if you default on your loan, that’s not how that works dawg
@@Jay-rg5mt I still don't believe its a good idea to depend on others to pay your tax bill for you, even if its take out of your mortgage payment. Its always better to pay the property tax directly to the county assessor.
Depending on the state, the mortgage lender & township does not allow a homeowner to pay their own taxes. It has to be done by the bank that is servicing or owns your mortgage via escrow. Once you pay off your mortgage in full, you yourself pay your own taxes to the town or city & you purchase your own home insurance. Also, depending on the state, the homeowner is entitled to the interest generated on the escrow.
@@yayagazab4449 and there lies the problem.
So the mortgage pays the property taxes , since they have a lien on your property until you pay them the full amount on the mortgage. So what does that tell you
the bank is owner of the property , right.
Yep either the bank or the state will always own the property, the amount of rent paid is all that changes, property tax=rent what a shame
Thank you, Great Job. 👍
They mention that a number, the "Qualifier" was left off, but the reporter never mentions or explains what the heck that is. Do they assume every viewer understands every detail of the home mortgage process?
Awesome! Fantastic to see a positive result. It’s too bad that the motivator for them to take action had to be the threat of negative news coverage versus simply caring enough to take the time to help him.
My mortgage was sold so many times. Service got worse and worse
This is the news helping the public this is a very good thing
"If tax rate is your issue, we're probably not your state." - Gov. Phil Murphy
And these bozos STILL voted for him again 🙄
Absolutely astonishing, right!
It's the same bozos out in California that said the same thing for businesses... about small businesses and big corporations alike.
It's the Democraps' way: the road to ruin.
By the way, that Murphy guy from mASSachusetts who became NJ governor again for a second term realized how it's done after his buddies in Washington figured out how to rig the 2020 presidential election.
I left that state in '80. Best decision I've made.
@@richcook2007 Wya now?
Honorable work!
I had a car loan with Wells Fargo about 10 years ago, and I would add $300 extra to payment when I went into a branch in person. I always got teller to give me a receipt showing extra payment on principal. One day I get a late fee for $60.00 on loan, I had to sit in a bank officers office for 2 hours as she made a call to outside U.S. explaining that I had a teller's receipt showing payment was not late. The teller made a mistake when making payment, and even though receipt showed I was not late, she transferred money incorrectly. After that, I just paid the loan off and said goodbye to Wells Fargo.
I pay $2500 every quarter - all my money goes to taxes and insurance - NJ is a slave state.
I pay $2300 plus I have to pay $261 for parks and garbage together.
We need a land value tax
It’s obscene, NJ needs ti restructure its entire budget.
@@arxvphoto809 They are clever - they make people fight about abortion - that way, taxes are never even mentioned.
The property taxes in NJ are out of control. We pay 3750 per quarter.
Next, interview the neighbors and ask how much their property tax increased after his new home was built
For real. I’m thinking about not mowing my grass this season so my property taxes go back down.
@@hulkamaniabrother2913 LOL
I moved out of NJ in 1992 and never looked back... THIS is 1 reason why. Make them pay up... Soprano's style 😁
I’ve been watching these types of homes go up in cliff side, palpark, fort lee and they are going for 1mil and over. While they look nice some don’t even have backyards. This is embarrassing to call this a proper home while charging such an insane amount all because of “location”
It's more like a townhouse than a single family home. Price is still crazy
thank you.
I bet he wasn’t the only one this mortgage company screwed over.
You had me at "Nightmare" and "NJ."
The biggest issue with this is the govt taking a huge 0remimum for your right to own the home in perpetuity after you pay for it.
What the heck is the point of buying a house when u have to pay property taxes for as long as you own the home? I understand the taxes pay for govt services but isn't that what all the other taxes are for?
Homeowners will push buying a home because it's an "adult" and grown up thing to do while also using rent payments as a negative, but it's actually more cost effective and definitely smarter to rent and there's ZERO obligation if you want/need to move on to another location or have to leave because of work or disaster, etc. Home ownership is all BS. When you own a home or property, you never actually own anything: the lender or the state owns it in perpetuity. ☝️
@@paranoidhumanoid you are just straight up wrong. You get 0 appreciation with rent. So you pay rent at 2000 a month for 10 years, then what?
Pay 2000 on a mortgage for 10 years and then sell your home with 200k in price appreciation, and you spent those 10 years using the home to get tax write offs and build your credit score. How tf is that not better than renting? Might be the dumbest comment I’ve read this year
He called her you guys! You see that! Not butt hurt one bit, love it. Even high fived. Restored faith.
My mortgage company did this to the first tax bill after I bought it. Took months and many phone calls for them to finally pay it after "investigating"
Simple…. Refi to get out of the PMI and pay your own taxes and insurance
What's the difference with this and the British before 1776 ?
I got the same problem here with my HOA in which they didn't their work then keep charging me late fees. I've been asking for help, even went to the board meeting to talk to the board members; however, nothing is done.
In the last 26 years my mortgage has been sold or transferred no less than 7 times. I regularly got late notices for my home owner's insurance with my current mortgage holder. When I called they'd tell me, "We're just a few days late. You don't need to worry or call us." About 3 years ago all the insurance companies declared our region "wildfire risk zones" and canceled our fire and windstorm insurance. So about 200,000 homeowners have had to get that coverage through a second policy from the California FAIR plan. We still have to get the rest of our home insurance from regular companies. In January 2021 we had a huge windstorm with multiple gusts of over 80mph. About a third of the houses in my town had roofs damaged, blown off, or had trees blow down on them. When I made a claim I was told that I had lost my coverage due to non-payment 4 months before. My mortgage company was too dumb to understand needing 2 policies and had only paid the smaller premium. I contacted them and got a runaround for weeks. Finally I threatened to get a lawyer and got someone who would help. He got me placed with a retro-active policy with their forced policy company for twice the premium and three times the deductible. I said that isn't good enough and he got them to lower the deductible to only double and he had his company deposit $1800 into my escrow account. Then they more than doubled my escrow payment. The insurance paid out $5k on a $7.5k bill and withheld another $900 until completion. All the roofers were backed up 8 months by the time I got this straightened out but they only gave me 6 months to complete before they kept the impound amount. I finally got a new roof just before the winter rain and snow hit but I'm still out of pocket an extra $1800 -2000.
Happy for him
This is why I pay my property taxes and insurance myself.
Buying a home in NorthEastern NJ was his first mistake.... Property taxes are so out of control here it's simply not worth living here.
That happened to me one time about my home owner insurance
So sick of the legal scams!
Nice job love some good news !!!
This is why I chose to stop the escrow on my mortgage. So sad.
That’s such a beautiful home, he is very lucky to have bought that!
This is why you check your statements. It should tell you when the taxes and insurance is paid, but you have to know when it is due. Happened to me and the bank ended up paying the late fees out of their pocket.
Which is why waiving escrow is useful
I get why people do escrow but as a MLO I wouldnt recommend.
That's why you don't buy more than you can handle.
Sad to see that u have to go to the news for a company to listen.. nvr go thru homepoint
I feel like homeowners should be given time especially since they worked and own the property and payed in full.
The word "nightmare" being used very, very, very loosely here.
Pay your fair share! These people are lucky because they own their homes compared to us, poor renters. Rent increased 20% this year.
If you have enough down pay, don’t authorize mortgage lender to pay tax and insurance on your behalf even though it’s ‘free’. Can’t trust these ppl to do their job and you don’t want the agony and fear of delinquency and not being covered.
$2500. That’s probably 2 weeks taxes in NJ
You should know that your taxes are being paid out of the freaking escrow account!
And $2,600 is not that much! For a house that looks like that…
dirt cheap compared to NY property taxes in Long Island or Westchester.
i dont think this is an annual amount. its probsbly semiannual.
@@tokay57 Right... still.
Quarterly payment. Probably around $10K per year, which is more typical for NJ property tax, especially for newer built homes.
My property tax in TN is only $800/yr. I love TN.
Get a real estate attorney and sue the heck out of that lender.
That lender is paying for the house.
I dont trust the guy period, did anybody see the BLOOMBERG terminal at his desk, thats a 5 thousand dollar rental
That’s insane 😱
I'm glad they owned up to their mistake and just fixed it for him. That's all we really wanted.
Homepoint stole $130 from me. They charged me $130 for an inspection then sold my mortgage before using the inspection results wasting the inspection’s usefulness. They didn’t tell me of the sale until way too late. They were so difficult to contact
No. It's a shame companies scheme so much.
Homepoint should BE CHARGED with fraud.
This is why you skip escrow and pay real estate taxes and insurance on your own.
press is sooooo important....you know when a company receives a phone call from abc news...asking to speak to the manager its means business......sometimes Karens are beyond valuable...
That house looks so out of place there, lol!
It's not the company. It's the employee they hire .......................................
Just opt for "no impound" on mortgage payments and manage tax and insurance by yourself.
Taxes and a budget u.s. is blowing it .
You can see that government is failing big time . No budget big government a huge fail for the future . Giving out checks and printing money priceless .
Seizing homes over taxes is what caused The Great Depression.
Tax reassessments will cause massive foreclosure, and that’s the plan
Best ABC news segment I've in years because all they aire is trash.
Taxes and insurance payments on mortgages should be left to the individual home owner. Not the mortgage company. This is why.
Trust no one and life will be simpler!
Property taxes tax is a huge racket. You get a shakedown based on the theoretical value of your house. If you lose your job, tough, you still have to pony up or you lose your home. Not unlike the “f-you pay me” scene from the movie “Goodfellas”.
His house is beautiful. I wish he gives us a tour.
had that happen to me so I pay my own property taxes now. they can't just auction off his house right away though.
Always keep a real estate lawyer handy as homeowner.
@eyewitnessNews I am also one of the owners in the same area and going through the same issue with my mortgage company. They haven't resolved my issue for past 6 months. Can you please help. 🙏
Homepointe messed up big-time wow
They count on people not having the assets to engage in litigation
Welcome, open robbery.
Do these companies need to be locked out of their bank accounts immediately to respond to customers before the news gets involved ?
Mans got a Bloomberg terminal and crying about $2,600😂
What is a Bloomberg terminal? The $2600 is quarterly
That is why we pay our own taxes and insurance.
This happened to me
Homepoint needs to be out of business.
Nice Crosstrek in the driveway.
NJ is such a rip off