Property Tax Disclosure During Loan Process
Does anyone know who, i.e., realtor, lender, title company, etc. is responsible for accurately reporting what a borrower should expect to pay in property taxes?
I know that I, as the borrower, am ultimately responsible for everything. What I want to know is during the loan process when a borrower is provided, in writing, with the amount of taxes, insurance, principle and interest they will pay each month-- who figures that out and who is responsible for accurate reporting of those amounts? And what happens when you find out a huge error was made in figuring the property taxes? NOT because the county increased the property taxes, but because they were not disclosed accurately during the buying/loan process to begin with.
At the end of 2007 I purchased a new home in Ft. Worth with a tenant already living there. I did NOT purchase this home while under construction. I agreed to purchase the home and got a loan based on the taxes, insurance, principle and interest provided to me at that time because it was a good cashflowing investment.
Now, almost a year and a half later, I find out the taxes were calculated on bare land and not on a completed home. This error has doubled my payment! I would not have purchased this home as a rental had the tax info. been accurately disclosed because it would not cashflow-- not even close. Is the lender responsible for getting the accurate tax info? Has this happened to anyone else? And what did you do? Thanks, Larry