Taxes & Escrow - need advice on mortgager issue

Chicago, Illinois
Tax, SDIRAs & Cost Segregation
2yFollow

Taxes & Escrow - need advice on mortgager issue

Melissa Title
Investor · Daytona Beach, FL · Member since 2023 · 14 posts · 2 votes

Hey BP fam, hoping to get some advice here. Issues are Legal & Tax.

1) I escrow taxes for one of my properties and just received my annual statement from the bank. My mortgage includes 2 PINs, a home and a parking spot. However.. my statement reads the mortgage is secured by THREE properties. After doing some digging, the bank has an PIN number on my mortgage for a property that does NOT belong to me. It seems they have been escrowing for the other persons taxes from my account. I'm not sure how to tell if they have also been paying their taxes from my account too.

2) In doing more digging in county records, the seller I purchased from owned many PINS in the area. It seems he included my PIN number in another sale, which may be how this mess began. I have no idea how this was not caught by my title insurance or mortgager.

How would you proceed?

0Reply
17 views

Most Popular Reply

Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Melissa Title:

Hey BP fam, hoping to get some advice here. Issues are Legal & Tax.

1) I escrow taxes for one of my properties and just received my annual statement from the bank. My mortgage includes 2 PINs, a home and a parking spot. However.. my statement reads the mortgage is secured by THREE properties. After doing some digging, the bank has an PIN number on my mortgage for a property that does NOT belong to me. It seems they have been escrowing for the other persons taxes from my account. I'm not sure how to tell if they have also been paying their taxes from my account too.

2) In doing more digging in county records, the seller I purchased from owned many PINS in the area. It seems he included my PIN number in another sale, which may be how this mess began. I have no idea how this was not caught by my title insurance or mortgager.

How would you proceed?

Here is a good link


What should I do if I’m having problems with my escrow or impound account? | Consumer Financial Protection Bureau (consumerfinance.gov)
7e investments53 Reviews
WebsiteView Page
2Reply
See this reply in the discussion

10 Replies

Jump to latestLatest
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    2y

    First - it doesn't even seem like you are sure what taxes you are or are not paying for.

    You should verify this before bringing up the potential situation with the mortgage company.

    You can review your escrow balance and see what taxes were paid during the year. Match them up with the county for the properties that you own.
    See if they are in agreement.
    If they are, great, no changes need to be made.

    If you see a payment for taxes that should not have been paid for. Have a discussion with your mortgage company.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    1Reply
  • Melissa Title
    OP
    Investor · Daytona Beach, FL · Member since 2023 · 14 posts · 2 votes
    2y

    Thanks, Basit. Reviewing my transactions, there are in fact dispersements for taxes that are not mine. From the county records, the tax payments made align with mine in addition to the other owners.

    0Reply
  • Peter Walther
    Specialist · Winter Springs, FL · Member since 2009 · 1k+ posts · 747 votes
    2y
    Quote from @Melissa Title:

    Hey BP fam, hoping to get some advice here. Issues are Legal & Tax.

    1) I escrow taxes for one of my properties and just received my annual statement from the bank. My mortgage includes 2 PINs, a home and a parking spot. However.. my statement reads the mortgage is secured by THREE properties. After doing some digging, the bank has an PIN number on my mortgage for a property that does NOT belong to me. It seems they have been escrowing for the other persons taxes from my account. I'm not sure how to tell if they have also been paying their taxes from my account too.

    2) In doing more digging in county records, the seller I purchased from owned many PINS in the area. It seems he included my PIN number in another sale, which may be how this mess began. I have no idea how this was not caught by my title insurance or mortgager.

    How would you proceed?


     You don't write what state the property is in but assuming it a state that requires a legal description on the mortgage how many legals are on yours?  In your post you first write your mtg includes 2 PINs, then you write there is a 3rd pin on your mtg.  Are there 2 or 3 parcels described on the mtg?  How many legals are on your deed?

    0Reply
  • Melissa Title
    OP
    Investor · Daytona Beach, FL · Member since 2023 · 14 posts · 2 votes
    2y

    Thank you, Peter. 

    The state is in the location bubble in the post, this property is in Chicago, IL. 
    There are 2 legals on the purchase agreement & deed, both are accurate PINs and descriptions of the properties (unit & parking spot). Now reviewing my mortgage account (with Chase bank), a 3rd PIN is shown. I have no idea how the third was added to my mortgage account. In reviewing my tax payments, at least 2 have been paid to all 3 PINS, only 2 of which I own.

    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    2y

    You should be able to go to the cook county county website and look up the three pins and the related address.

    If there is an address where your name does not show up as the owner, I would then do the following

    1) Contact your mortgage company to clear up the confusion so they don't increase your monthly escrow amount and they don't incorrectly make the payment again in the future.
    2) Have a conversation with them to see what the resolution would be.
    They may offer a refund for their mistake.
    3) The alternative would be to have a conversation with cook county to see what recourse you have there

    if the above don't work, you may need to consult with an attorney.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    1Reply
  • Peter Walther
    Specialist · Winter Springs, FL · Member since 2009 · 1k+ posts · 747 votes
    2y
    Quote from @Melissa Title:

    Thank you, Peter. 

    The state is in the location bubble in the post, this property is in Chicago, IL. 
    There are 2 legals on the purchase agreement & deed, both are accurate PINs and descriptions of the properties (unit & parking spot). Now reviewing my mortgage account (with Chase bank), a 3rd PIN is shown. I have no idea how the third was added to my mortgage account. In reviewing my tax payments, at least 2 have been paid to all 3 PINS, only 2 of which I own.


    I suggest you talk with your lender and/or mtg servicer and get the 3rd PIN removed and ask for reimbursement of the previous payments.  If they decline, I'd consider filing a complaint with the CFPB and whatever other regulatory agency supervises them.

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Melissa Title:

    Hey BP fam, hoping to get some advice here. Issues are Legal & Tax.

    1) I escrow taxes for one of my properties and just received my annual statement from the bank. My mortgage includes 2 PINs, a home and a parking spot. However.. my statement reads the mortgage is secured by THREE properties. After doing some digging, the bank has an PIN number on my mortgage for a property that does NOT belong to me. It seems they have been escrowing for the other persons taxes from my account. I'm not sure how to tell if they have also been paying their taxes from my account too.

    2) In doing more digging in county records, the seller I purchased from owned many PINS in the area. It seems he included my PIN number in another sale, which may be how this mess began. I have no idea how this was not caught by my title insurance or mortgager.

    How would you proceed?

    Here is a good link


    What should I do if I’m having problems with my escrow or impound account? | Consumer Financial Protection Bureau (consumerfinance.gov)
    7e investments53 Reviews
    WebsiteView Page
    2Reply
  • Melissa Title
    OP
    Investor · Daytona Beach, FL · Member since 2023 · 14 posts · 2 votes
    2y
    Quote from @Basit Siddiqi:

    You should be able to go to the cook county county website and look up the three pins and the related address.

    If there is an address where your name does not show up as the owner, I would then do the following

    1) Contact your mortgage company to clear up the confusion so they don't increase your monthly escrow amount and they don't incorrectly make the payment again in the future.
    2) Have a conversation with them to see what the resolution would be.
    They may offer a refund for their mistake.
    3) The alternative would be to have a conversation with cook county to see what recourse you have there

    if the above don't work, you may need to consult with an attorney.

     Thanks so much for the great advice Basit! 

    These are the exact steps I am now taking. My mortgager informed me they are in the "research phase" and are calling me back by EOD tomorrow. One of my biggest issues is, how was this parcel added to my mortgage to begin with? And why was I never notified of it? I'm looking forward to hearing what they have to say and am expecting them to make it right as this is not the first issue I have had with them on this- last year they forgot to pay the taxes all together and just said "oopsie" when I brought it to their attention.

    1Reply
  • Melissa Title
    OP
    Investor · Daytona Beach, FL · Member since 2023 · 14 posts · 2 votes
    2y
    Quote from @Peter Walther:
    Quote from @Melissa Title:

    Thank you, Peter. 

    The state is in the location bubble in the post, this property is in Chicago, IL. 
    There are 2 legals on the purchase agreement & deed, both are accurate PINs and descriptions of the properties (unit & parking spot). Now reviewing my mortgage account (with Chase bank), a 3rd PIN is shown. I have no idea how the third was added to my mortgage account. In reviewing my tax payments, at least 2 have been paid to all 3 PINS, only 2 of which I own.


    I suggest you talk with your lender and/or mtg servicer and get the 3rd PIN removed and ask for reimbursement of the previous payments.  If they decline, I'd consider filing a complaint with the CFPB and whatever other regulatory agency supervises them.


     Thanks Peter! I'd not heard of those agencies before. I'm certainly do this if they are unable to correct this satisfactorily.

    0Reply
  • Melissa Title
    OP
    Investor · Daytona Beach, FL · Member since 2023 · 14 posts · 2 votes
    2y
    Quote from @Chris Seveney:
    Quote from @Melissa Title:

    Hey BP fam, hoping to get some advice here. Issues are Legal & Tax.

    1) I escrow taxes for one of my properties and just received my annual statement from the bank. My mortgage includes 2 PINs, a home and a parking spot. However.. my statement reads the mortgage is secured by THREE properties. After doing some digging, the bank has an PIN number on my mortgage for a property that does NOT belong to me. It seems they have been escrowing for the other persons taxes from my account. I'm not sure how to tell if they have also been paying their taxes from my account too.

    2) In doing more digging in county records, the seller I purchased from owned many PINS in the area. It seems he included my PIN number in another sale, which may be how this mess began. I have no idea how this was not caught by my title insurance or mortgager.

    How would you proceed?

    Here is a good link


    What should I do if I’m having problems with my escrow or impound account? | Consumer Financial Protection Bureau (consumerfinance.gov)

     So helpful, thank you Chris!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free