reddit la texas home owner badha

[sureshkonda]

r/RealEstate

NikolasDown9h

 

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Taxes increased and mortgage went from $1500 to $3400, a 126% increase! Help!

We bought our home over 2 years ago around this time during the pandemic in the Texas Hill country. We put down 20% on a $400,000 brand new house in a brand new neighborhood giving us a mortgage payment of $1,500. Our lender contacted us and told us that they didn't charge us enough for taxes last year and so this year we'll have to pay $15,000 to escrow, sending our mortgage payment from around $1,500 to over $3,400 starting in about a month.

How can this happen?? And more importantly, what can I do about it? Can we spread out that tax payment over multiple years? We just had a baby late last year and I'm trying to keep a cool head and not freak out. Even if we move and try to rent our home, the new mortgage payment is around $1,000 over the market rate for our area. Any help would be greatly appreciated.

[yemdoing]

What can one do ? Tell your elected representatives about it and when they ask for vote make this as big agenda . But no we want culture wars , who uses which bathroom and Biden son getting a blow job disco 

[Paamu]

@Sonu_Patel

[baabaa]

TX lo its a common issue for out of state buyers. I have friends from other states who see big houses for 700-800K and calculate Mortgage payments and are super happy that they are getting big house for 3k-4k/month. Tax rate include chesaka happy feelings changes completely. Appudu reality lo vastaru.

[Ravi860]

17 minutes ago, sureshkonda said:

r/RealEstate

NikolasDown9h

 

Join

 

Taxes increased and mortgage went from $1500 to $3400, a 126% increase! Help!

We bought our home over 2 years ago around this time during the pandemic in the Texas Hill country. We put down 20% on a $400,000 brand new house in a brand new neighborhood giving us a mortgage payment of $1,500. Our lender contacted us and told us that they didn't charge us enough for taxes last year and so this year we'll have to pay $15,000 to escrow, sending our mortgage payment from around $1,500 to over $3,400 starting in about a month.

How can this happen?? And more importantly, what can I do about it? Can we spread out that tax payment over multiple years? We just had a baby late last year and I'm trying to keep a cool head and not freak out. Even if we move and try to rent our home, the new mortgage payment is around $1,000 over the market rate for our area. Any help would be greatly appreciated.

New numbers makes sense.. that means they almost didn’t charged for property taxes for last year at all. If he is surprised by this.. he will be shocked for sure in future with rising property taxes 

[sureshkonda]

2 minutes ago, Ravi860 said:

New numbers makes sense.. that means they almost didn’t charged for property taxes for last year at all. If he is surprised by this.. he will be shocked for sure in future with rising property taxes 

now imagine the taxes in frisco and mckinney. city tax, mud, pid, tif, 2.1% property tax, 400 per month home owners insurance

[Ravi860]

2 minutes ago, sureshkonda said:

now imagine the taxes in frisco and mckinney. city tax, mud, pid, tif, 2.1% property tax, 400 per month home owners insurance

2.1% thakkuva compared to most neighborhoods 2.5% to 3

400 insurance? 

[perugu_vada]

y would it increase from 1500 to 3500 ? property tax entha max anukunna 3% .. so that would mean it increases from 1500 to 2500 .. 

[Anta Assamey]

3 minutes ago, perugu_vada said:

y would it increase from 1500 to 3500 ? property tax entha max anukunna 3% .. so that would mean it increases from 1500 to 2500 .. 

Last year tax kattaledu... anduke ee year compensating... 

[godfather03]

18 minutes ago, sureshkonda said:

r/RealEstate

NikolasDown9h

 

Join

 

Taxes increased and mortgage went from $1500 to $3400, a 126% increase! Help!

We bought our home over 2 years ago around this time during the pandemic in the Texas Hill country. We put down 20% on a $400,000 brand new house in a brand new neighborhood giving us a mortgage payment of $1,500. Our lender contacted us and told us that they didn't charge us enough for taxes last year and so this year we'll have to pay $15,000 to escrow, sending our mortgage payment from around $1,500 to over $3,400 starting in about a month.

How can this happen?? And more importantly, what can I do about it? Can we spread out that tax payment over multiple years? We just had a baby late last year and I'm trying to keep a cool head and not freak out. Even if we move and try to rent our home, the new mortgage payment is around $1,000 over the market rate for our area. Any help would be greatly appreciated.

May be a survey for tax hasn’t been done on the property and only on land. This is for any new home. After a year, a surveyor does perform the tax assessment and gives a new tax bill. This bill is sent to the lender, as the closing document mentions them as the payer. The lender will collect this updated amount by increasing the escrow payment, which is ultimately from the mortgage payer. These things are expected. May be this guy doesn’t know much about the property taxation system in US. I am not an expert, but tried to learn some before buying my home.

[FrustratedVuncle]

47 minutes ago, sureshkonda said:

r/RealEstate

NikolasDown9h

 

Join

 

Taxes increased and mortgage went from $1500 to $3400, a 126% increase! Help!

We bought our home over 2 years ago around this time during the pandemic in the Texas Hill country. We put down 20% on a $400,000 brand new house in a brand new neighborhood giving us a mortgage payment of $1,500. Our lender contacted us and told us that they didn't charge us enough for taxes last year and so this year we'll have to pay $15,000 to escrow, sending our mortgage payment from around $1,500 to over $3,400 starting in about a month.

How can this happen?? And more importantly, what can I do about it? Can we spread out that tax payment over multiple years? We just had a baby late last year and I'm trying to keep a cool head and not freak out. Even if we move and try to rent our home, the new mortgage payment is around $1,000 over the market rate for our area. Any help would be greatly appreciated.

320k loan meda 3% interest rate 3% property tax and 100/mo insurance vestene 2500 camed.

how come $1500 is collected which is way less

Looks like lender didn't collect property tax payment and now he is compensating. 

[Ravi860]

2 minutes ago, FrustratedVuncle said:

320k loan meda 3% interest rate 3% property tax and 100/mo insurance vestene 2500 camed.

how come $1500 is collected which is way less

Looks like lender didn't collect property tax payment and now he is compensating. 

Looks like lender trapped this buyer or mistake.. usually no one does. Asalu property tax anedi untadi anukoledha e buyer 

[San_K]

3 hours ago, FrustratedVuncle said:

320k loan meda 3% interest rate 3% property tax and 100/mo insurance vestene 2500 camed.

how come $1500 is collected which is way less

Looks like lender didn't collect property tax payment and now he is compensating. 

$3500 per month is only for this year .. right? To cover up previous years tax debts.

Going forward,  monthly payment (mortgage and tax) should be less than $2500.

[FrustratedVuncle]

38 minutes ago, San_K said:

$3500 per month is only for this year .. right? To cover up previous years tax debts.

Going forward,  monthly payment (mortgage and tax) should be less than $2500.

I am guessing his property tax increased from 11k to 15k this year. So his next year could be ~2800.

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[Genuine11]

8 hours ago, sureshkonda said:

r/RealEstate

NikolasDown9h

 

Join

 

Taxes increased and mortgage went from $1500 to $3400, a 126% increase! Help!

We bought our home over 2 years ago around this time during the pandemic in the Texas Hill country. We put down 20% on a $400,000 brand new house in a brand new neighborhood giving us a mortgage payment of $1,500. Our lender contacted us and told us that they didn't charge us enough for taxes last year and so this year we'll have to pay $15,000 to escrow, sending our mortgage payment from around $1,500 to over $3,400 starting in about a month.

How can this happen?? And more importantly, what can I do about it? Can we spread out that tax payment over multiple years? We just had a baby late last year and I'm trying to keep a cool head and not freak out. Even if we move and try to rent our home, the new mortgage payment is around $1,000 over the market rate for our area. Any help would be greatly appreciated.

I am guessing the assessment was not done at the time he bought for his house and later when they did they will count for new market value as per city. Typically the city does assessment every 2 years and again depends on the city though. In my opinion this is expected and we should be prepared for it