Fezmid Posted December 28, 2004 Share Posted December 28, 2004 Just need to vent and see if this has happened to anyone else before. I received a letter from Wells Fargo (WF) last month, stating that in order to have my property taxes paid in 2004, I would have to send them a copy of the bill by December 20th. They even gave me a postage-paid envelope, how nice. December 16th came, and I still didn't have the bill so I started to panic (I wanted the tax writeoff). Called WF up, and the woman said that if I don't get the bill by the 20th, to just pay it myself and then WF would refund my money riight away. The due date (Dec 20th) comes up, still no bill, so I call WF up again to confirm what they want me to do. A different woman says to pay the bill myself, and let them know when I've done so. She also told me to send a copy of my bill when I get it. I got it on the 22nd, paid it on the 23rd, and called WF back yesterday to find out if I should mail or fax the bill to them for my refund. What does the guy on the phone say? "We already sent payment for your property taxes on December 23rd." WTF?! So I found out that the county will send the check back to the payer, and that my check already cleared (meaning WF will be getting my check back). All sounds good, until I receive a voicemail from WF this afternoon stating that it's no longer WF's problem and that I need to deal with the treasurer. Huh??? Now I'm getting the runaround about how the county treasurer will need to refund me or that WF will refund it later, but it could be 2 months before I see my money. What the hell? Got pissy with the woman (making sure to always say "WF" and not "you") and finally got to talk to her supervisor who said she will put a special watch on my account and I should get the money a few days after they receive the check. I shouldn't have had to get angry at them, they should've volunteered this information a lot sooner. What the hell kind of organization are they running there, telling the customers to pay it themselves while at the same time sending their own payments in? I would prefer to be earning the interest on that money rather than WF earning the interest. :I starred in Brokeback Mountain: Wells Fargo. Thanks for listening to my vent. I feel (slightly) better now. Anyone have any similar stories to share? CW Link to comment Share on other sites More sharing options...
IDBillzFan Posted December 28, 2004 Share Posted December 28, 2004 This kind of story is exactly what keeps me from having property taxes included in my mortgage. What's the fastest way to lose your property? Don't pay your property tax. Why leave something like that to someone else? Sorry to hear it, man. Stay on them to get your money back. Link to comment Share on other sites More sharing options...
stuckincincy Posted December 28, 2004 Share Posted December 28, 2004 You're the guy that likes computers, right? Link to comment Share on other sites More sharing options...
rockpile Posted December 28, 2004 Share Posted December 28, 2004 This kind of story is exactly what keeps me from having property taxes included in my mortgage. What's the fastest way to lose your property? Don't pay your property tax. Why leave something like that to someone else? Sorry to hear it, man. Stay on them to get your money back. 182838[/snapback] Fortunately, I am able to keep an account in escrow all by my little self to pay off taxes and homeowner's insurance. Every mortgage company or bank I ever dealt with has f*ked it up. Link to comment Share on other sites More sharing options...
Fezmid Posted December 28, 2004 Author Share Posted December 28, 2004 This kind of story is exactly what keeps me from having property taxes included in my mortgage. What's the fastest way to lose your property? Don't pay your property tax. Why leave something like that to someone else? Sorry to hear it, man. Stay on them to get your money back. 182838[/snapback] Unfortunately, I Have an FHA mortgage, so I can't do my own escrow. I even asked them about it, but it's written into the mortgage so it can't be changed. Gotta love it... *sigh* CW Link to comment Share on other sites More sharing options...
Fezmid Posted January 19, 2005 Author Share Posted January 19, 2005 God this sucks... I'm *still* trying to get my property tax refunded back to me. Two weeks ago I was told "5-10 business days." Today they're trying to tell me "5-10 business days." All of this because they screwed up. Enough to make someone want to refinance just to get rid of the crappy escrow clause. :I starred in Brokeback Mountain: Wells Fargo. Got some inside info at least... Apparantly they sent a check to my county in the amount of $865,195.19 on the 23rd, then put a stop on it on the 30th. Then sent another check in the amount of $865,772.67 on December 31st, then put a stop on that on January 10th. Then sent ANOTHER check on the 14th... Nice to see how efficient things are going behind the scenes... CW Link to comment Share on other sites More sharing options...
stuckincincy Posted January 19, 2005 Share Posted January 19, 2005 God this sucks... I'm *still* trying to get my property tax refunded back to me. Two weeks ago I was told "5-10 business days." Today they're trying to tell me "5-10 business days." All of this because they screwed up. Enough to make someone want to refinance just to get rid of the crappy escrow clause. :I starred in Brokeback Mountain: Wells Fargo. Got some inside info at least... Apparantly they sent a check to my county in the amount of $865,195.19 on the 23rd, then put a stop on it on the 30th. Then sent another check in the amount of $865,772.67 on December 31st, then put a stop on that on January 10th. Then sent ANOTHER check on the 14th... Nice to see how efficient things are going behind the scenes... CW 211691[/snapback] 800K property taxes(!) AND a FHA mortgage? I don't get it - I thought FHA was for the struggling folk??? Are you one of the fabulously rich biting into the taxpayer's benifence? I'm very confused here... Link to comment Share on other sites More sharing options...
gantrules Posted January 19, 2005 Share Posted January 19, 2005 800K property taxes(!) AND a FHA mortgage? I don't get it - I thought FHA was for the struggling folk??? Are you one of the fabulously rich biting into the taxpayer's benifence? I'm very confused here... 211700[/snapback] I think you are kidding....but that's the total sent to that district for everyone they are escrowing out of that location. Link to comment Share on other sites More sharing options...
Fezmid Posted January 19, 2005 Author Share Posted January 19, 2005 I think you are kidding....but that's the total sent to that district for everyone they are escrowing out of that location. 211708[/snapback] That's correct -- sorry for the confusion. I argued with the guy there enough that he *claims* he'll setup a request for my refund which should be approved tomorrow and then he'll overnight the check to me. I have his direct number, so I can call and complain if I don't get it (assuming he's not on vacation all next week...) suckincincy, FHA loans aren't just for struggling people -- it's also for people who make a good wage, but don't have the 10-20% downpayment for a house. That's the boat I sit in. We wanted a house, but didn't have a downpayment ready. The downside is that I'm paying mortgage insurance... And I have to have an escrow... But that's the price you pay when you first start out I guess. CW Link to comment Share on other sites More sharing options...
John from Riverside Posted January 20, 2005 Share Posted January 20, 2005 Fortunately, I am able to keep an account in escrow all by my little self to pay off taxes and homeowner's insurance. Every mortgage company or bank I ever dealt with has f*ked it up. 182865[/snapback] I also pay my taxes out of my own escrow account....I see absolutely no reason to let the bank make money on interest accrued with MY MONEY when I can be accruing that interest myself.....I mark it on my calender of when it is due....I transfer funds into my checking account from my escrow....I pay the whole thing on line. I will do you one better on a horror story.....this has to due with house insurance that I have through Safeco.....this was back when I was stupid enough to let the mortage company handle paying the bill. I once went an entire year without home insurance because the mortage company forgot to pay the bill and I didn't know it. from the year 02-03 if my house would have burned down....or whatever.....I WOULD HAVE GOTTEN NOTHING because the mortage company let my insurance lapse. The only reason why I knew about it is I received a notice.....A YEAR LATE....from Safeco asking me if I would like to come back to them for insurance....WTF...I NEVER LEFT! OOps....yes I did. :I starred in Brokeback Mountain: to the whole fricken system Link to comment Share on other sites More sharing options...
BillnutinHouston Posted January 20, 2005 Share Posted January 20, 2005 WF is OK with me. Several months ago I got a mortgage rate under 5%. I was OK with that. Link to comment Share on other sites More sharing options...
Fan in San Diego Posted January 20, 2005 Share Posted January 20, 2005 This kind of story is exactly what keeps me from having property taxes included in my mortgage. What's the fastest way to lose your property? Don't pay your property tax. Why leave something like that to someone else? Sorry to hear it, man. Stay on them to get your money back. 182838[/snapback] It takes five years of not paying your property taxes before foreclosure takes place. Link to comment Share on other sites More sharing options...
gantrules Posted January 20, 2005 Share Posted January 20, 2005 I also pay my taxes out of my own escrow account....I see absolutely no reason to let the bank make money on interest accrued with MY MONEY when I can be accruing that interest myself.....I mark it on my calender of when it is due....I transfer funds into my checking account from my escrow....I pay the whole thing on line.I will do you one better on a horror story.....this has to due with house insurance that I have through Safeco.....this was back when I was stupid enough to let the mortage company handle paying the bill. I once went an entire year without home insurance because the mortage company forgot to pay the bill and I didn't know it. from the year 02-03 if my house would have burned down....or whatever.....I WOULD HAVE GOTTEN NOTHING because the mortage company let my insurance lapse. The only reason why I knew about it is I received a notice.....A YEAR LATE....from Safeco asking me if I would like to come back to them for insurance....WTF...I NEVER LEFT! OOps....yes I did. :I starred in Brokeback Mountain: to the whole fricken system 211995[/snapback] Most companies require you to escrow if you are putting less than 20% down. If you are escrowing you typically earn the same amount on that money as you do if the money was in a savings account. The financial institution does not earn interest on that money because it's in your account. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted January 20, 2005 Share Posted January 20, 2005 Most companies require you to escrow if you are putting less than 20% down. If you are escrowing you typically earn the same amount on that money as you do if the money was in a savings account. The financial institution does not earn interest on that money because it's in your account. 212148[/snapback] You sir are correct. I had a VA mortgage with escrow. I always had my taxes and insurance paid on time and I even got money back most years. Link to comment Share on other sites More sharing options...
stuckincincy Posted January 20, 2005 Share Posted January 20, 2005 That's correct -- sorry for the confusion. I argued with the guy there enough that he *claims* he'll setup a request for my refund which should be approved tomorrow and then he'll overnight the check to me. I have his direct number, so I can call and complain if I don't get it (assuming he's not on vacation all next week...) suckincincy, FHA loans aren't just for struggling people -- it's also for people who make a good wage, but don't have the 10-20% downpayment for a house. That's the boat I sit in. We wanted a house, but didn't have a downpayment ready. The downside is that I'm paying mortgage insurance... And I have to have an escrow... But that's the price you pay when you first start out I guess. CW 211726[/snapback] Sorry...when I saw 6 figures, this fuzzy image of "Fezmid the Slumlord" popped into my head. Regarding mortgage insurance, your premiums in theory should drop as you build equity, to a point where you can cease paying for it. Some don't realize that - and of course you can't count on a lender to let you know that. For some, though, the insurance is a good idea - like if you were on death's bed just marking time. Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 20, 2005 Share Posted January 20, 2005 It takes five years of not paying your property taxes before foreclosure takes place. 212017[/snapback] Once again the world would be a different place if I were in charge. Link to comment Share on other sites More sharing options...
gantrules Posted January 20, 2005 Share Posted January 20, 2005 Regarding mortgage insurance, your premiums in theory should drop as you build equity, to a point where you can cease paying for it. Some don't realize that - and of course you can't count on a lender to let you know that. For some, though, the insurance is a good idea - like if you were on death's bed just marking time. 212235[/snapback] What? Mortgage Insurance doesn't cover death, it covers the lender in case the owner goes in to foreclosure on the property. It allows the lender to give the mortgage without the borrower putting 20% down. So lets say Fez paid 200K for his house, foreclosed and still had 190k left on his mortgage. Lender sells property for 180k. Mortgage Insurance pays back 10k to lender plus appropriate expenses. What usually happens is Fez gets pissed b/c he can't keep the house, rips out the cabinets, punches holes in the walls, deficates on the carpets and generally destroys the interior of the home. Then the lender can't get more than say 150k for the house so the mortgage insurance kicks in after the lender sells it and makes up a big chunk of change. Foreclosure is a pain in the rear. They are the biggest waste of time and money for both the lender and the borrower. Sell your house if you are ANYWHERE near going in to it. And don't take out a loan for more than 100% of the value of your property. You are better off using a credit card. Link to comment Share on other sites More sharing options...
stuckincincy Posted January 20, 2005 Share Posted January 20, 2005 What? Mortgage Insurance doesn't cover death, it covers the lender in case the owner goes in to foreclosure on the property. It allows the lender to give the mortgage without the borrower putting 20% down. So lets say Fez paid 200K for his house, foreclosed and still had 190k left on his mortgage. Lender sells property for 180k. Mortgage Insurance pays back 10k to lender plus appropriate expenses. What usually happens is Fez gets pissed b/c he can't keep the house, rips out the cabinets, punches holes in the walls, deficates on the carpets and generally destroys the interior of the home. Then the lender can't get more than say 150k for the house so the mortgage insurance kicks in after the lender sells it and makes up a big chunk of change. Foreclosure is a pain in the rear. They are the biggest waste of time and money for both the lender and the borrower. Sell your house if you are ANYWHERE near going in to it. And don't take out a loan for more than 100% of the value of your property. You are better off using a credit card. 212249[/snapback] No, it doesn't cover death per se. But of course if you, the owner, dies, foreclosure is a possibility. Some MI is bundled with what is essentially term insurance, with the survivors as the beneficiary. Link to comment Share on other sites More sharing options...
Fezmid Posted February 17, 2005 Author Share Posted February 17, 2005 And now, the rest of the story.... I never got the check when they said I would. It took me another week of complaining before I finally got it. I think I received it January 31st or so. I was still pissed, so I wrote a long complaint letter and mailed it to their customer service department. In the letter I outlined everything that went wrong, explained that I was not very happy, and requested a check for $100 because of the short-term loan I (in essence) ended up giving them. I expected to be ignored, or possibly to get a "We're sorry" form letter. Instead I received a phone call from their customer service department today. The guy appologized several times, asked if there was anything else they could do to provide better service, and said that he's sending a check for $100 out today. It doesn't quite make up for all the time I had to argue with them, but (assuming I actually get the check they promised), I'm happy that they did it. Moral of the story: It doesn't hurt to ask. CW Link to comment Share on other sites More sharing options...
KRC Posted February 17, 2005 Share Posted February 17, 2005 And now, the rest of the story.... I never got the check when they said I would. It took me another week of complaining before I finally got it. I think I received it January 31st or so. I was still pissed, so I wrote a long complaint letter and mailed it to their customer service department. In the letter I outlined everything that went wrong, explained that I was not very happy, and requested a check for $100 because of the short-term loan I (in essence) ended up giving them. I expected to be ignored, or possibly to get a "We're sorry" form letter. Instead I received a phone call from their customer service department today. The guy appologized several times, asked if there was anything else they could do to provide better service, and said that he's sending a check for $100 out today. It doesn't quite make up for all the time I had to argue with them, but (assuming I actually get the check they promised), I'm happy that they did it. Moral of the story: It doesn't hurt to ask. CW 243781[/snapback] Updated moral of the story: Ask for more than $100 next time. You just might get it. Link to comment Share on other sites More sharing options...
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