Lender collecting wrong SC property tax amount...
I purchased two rental properties in late 2016 in South Carolina and the paperwork for the mortgages listed my property tax rate at 4%, instead of the 6% investment property rate. As a result each month my lender is collecting from me escrow amounts less than what it needs to pay the property taxes.
Is this something I need to proactively correct? Is this the kind of thing where the state will contact the lender to correct? Should I just sit back and wait for someone to reach out to me?
Most Popular Reply
I have one in the same boat. Next October the state will send out a corrected tax bill at the 6% rate and your mortgatge servicer will adjust escrow payments accordingly.