Escrow Shortage?!?
Jecca
18 years ago
Featured Answer
Comments (17)
Jecca
18 years agoRelated Discussions
Escrow Account?? Or not??? What do you think?
Comments (18)If the other parts of the deal can be set up precisely the same, why not simply pay the taxes and insurance yourself (assuming that you have the self-discipline to set some money aside from each paycheque to cover those expenses as they arise ... and if you lack such self-discipline, you should be taken to the woodshed for a "tuning up", as Dad used to call it ... the application of a strap around the legs a few times, to smarten you up a bit). Or maybe your parents should be ... for not having taught you how to use money wisely as you grew up. That suggestion's somewhat unfair ... as not many kids get involved with setting up mortgages, during their adolescnce. But the issue to which I referred was whether you can plan ahead far enough to make provision to cover payments that fall due occasionally, before the crucial day, so that you can take care of them without chewing fingernails. Most folks need 3-months' income (or, better, 6 months' or up to a year's worth), as a cushion in case of emergencies rearing their ugly heads. If the bank is collecting money for the taxes and insurance and paying them, they're not going to do it for free. So why pay them for doing a simple task that you can take care of yourself? That's if the all of the other terms of the mortgge can be set up the same, which ever route you follow. I don't like mortgage insurance, for the amount decreases over time to cover just the remainder of the mortgage, but the price stays constant. Better get life (and possibly disability, about 4 times as probable) which will likely not cost more, and the payout amount remains constant, enough to pay off the original amount of the mortgage, but as the amount remaining owing decreases, there'll be enough to pay off the remainder owing on the mortgage, and leave some for other purposes. Not only that ... you're the owner of the policy, and you get the money, instead of the bank being the owner and they getting the money. That gives you the flexibility to use the proceeds as you see fit. Good wishes for setting up a plan that you are happy with, over time. ole joyful...See MoreMorgage went up
Comments (10)Also happens when you purchase from the elderly who have special tax excemptions in place. Once the county gets around to noticing that the property has sold & the new owners don't qualify...the taxes revert to normal. Also happens in a reassessment. Maybe, the mil rate hasn't gone up but the assessed value has? How assessed values are handled varies widely state-to-state, county-by-county, & town-to-town. Sometimes, a sale triggers an increase in the assessed value. The only way to know what's happening is to call the servicing company. Tricia...See MoreHow accurate are Plat lines on GIS maps?
Comments (40)If anyone is still interested in this issue from an old thread, I recently purchased some property and had to parse the survey description and I thought it was interesting. Here is the first sentance (specific references deleted for privacy): "Beginning at a found 3/4" iron rod in concrete 0.1' below grade located at the northwest corner of the herein described parcel and the southwest corner of (name of neighbors) as described in deed book xxx page yy, said iron rod being located on the easterly assumed road bounds of (multiple names of the road), said iron rod being also located S 20°-59'-01"W as referenced to New York State Grid North by 1983 Datum by GPS Observations a distance of 250.34 feet along said road bounds from a found capped iron rod located at the northwest corner of (name of neighbors again) and the southwest corner of (other neighbors names) as described in deed book zzz at page xx and shown on (name of county map) and running;" Then appears the distance and direction to the next survey point. Then there a sequence of similar descriptions , ending with "... to the point of beginning." Very legalese description, but you see that it depends on finding a specific iron rod, the location of which is referred to another iron rod. It also assumes that the referred deed books still exist (some court records have been lost in fires). When I noticed that the Zillow app on my iPhone shows what I guess are plat lines, I tried to locate some of the corners using that data. I could not find all of them, and some I found were off by up to 50 feet. I know that consumer-grade GPS coordinates could be off by that amount, but maybe the plat maps are also off....See MoreDid you use or recommend real estate attorney for contract?
Comments (16)26. NOTICE OF CONSTRUCTION DEFECTS AND RIGHT TO REPAIR. Builder and Buyer agree to comply with X with regards to requirements of Notice and the Right to Cure before commencing any formal proceeding to resolve the dispute. Buyer acknowledges that a copy of the State of brochure of Notice and Right to Cure has been given to the Buyer at the date that this Contract is signed. Notwithstanding anything to the contrary in the Contract, Builder shall not be obligated to replace or repair any Defect, as defined below, or pay for the replacement or repair of the same if such Defect is caused, in whole or in part by: (i) Buyer’s improper or insufficient maintenance of the Building or improper or insufficient maintenance or operation of any of the Building’s systems; (ii) natural occurrences beyond Builder’s control; (iii) an act or omission of Buyer or any third parties not under Builder’s control, including, but not limited to, work performed by the Buyer or by Buyer’s subcontractors; or (iv) normal wear and tear and normal usage. In the event of an alleged construction or design defect arising out of or relating to the Contract, including, but not limited to, breach of warranty, incomplete work, or any other condition of the Building (the “Defect”), Buyer shall notify Builder through written notice of any such Defect, regardless of the cause or source, promptly upon Buyer’s discovery of the Defect. Buyer shall thereafter provide Builder with reasonable access during normal working hours to the Building for the purpose of investigating, testing and examining the Defect. If the Defect is covered by the Builder’s warranty then Builder shall be given reasonable access to the Building and a reasonable amount of time to, at Builder’s sole option, replace or repair the Defect. The replacement or repair of the Defect shall be Buyer’s sole and exclusive remedy for a Defect. Buyer waives any and all incidental and consequential damages arising out of or relating to a Defect. Any corrections or repairs undertaken by Builder shall be in compliance with the MBA Construction Industry Quality Standards. 27. DISPUTES AND RESOLUTIONS. The following provisions apply to any dispute between the parties arising out of or relating to this Contract, including, but not limited to: the meaning of this Contract; the enforceability of this Contract; the rights or obligations of any party under this Contract; claims against any officers, owners, shareholders, directors, employees, successors, members, or agents of Builder; the performance of any aspect of this Contract or the construction work, or any disagreements regarding charges for changes; and any other dispute arising from this Contract. A. Mediation If mediation is requested by the Buyer or Builder in writing, the mediation shall be conducted by the Mediation Service of the MBA (“MBA Mediation Service”). After the written request for mediation occurs, the other party must proceed to mediate the dispute(s) at the MBA according to its rules and procedures. The parties agree, in the event the dispute proceeds to mediation, that they will make a good faith effort to resolve their dispute(s) through the mediation process. The parties agree that they will abide by the MBA Mediation Service policies and procedures. Proceeding to mediation does not waive or affect the obligation of the parties to resolve their dispute(s) by arbitration in the event mediation is not successful. B. Arbitration. Any dispute which is either not referred to mediation or is not resolved through mediation (other than enforcement of any insured warranty plan), shall be resolved according to the policies and procedures of the MBA Dispute Resolution Service. If arbitration is undertaken to resolve a dispute (or disputes) under this agreement, the decision of the arbitrators shall be binding, final and may be enforced in accordance with the applicable provisions of Chapter 788 of the Statutes. The filing of a lien claim shall not be considered an election by the Contractor to waive its rights under this provision and the enforcement by the Contractor of - 7 - its lien rights is expressly exempted from the requirements of this provision. Any arbitration proceedings commenced pursuant to this provision shall be conducted in accordance with the rules adopted by the applicable arbitration body and the applicable provisions of law. If the parties are directed to arbitrate any dispute or disputes and a party refuses to submit a claim to arbitration, fails to abide by the rules adopted by the applicable arbitration body, or fails to abide by the decision of the arbitrators, the non-breaching party shall be entitled to recover all costs, including attorneys’ fees, incurred in seeking further action to enforce the terms of this Agreement and/or to compel arbitration. Contractor and Owner agree that, in the event the MBA is named as a party to any dispute relating to the Contractor and Owner challenging the MBA’s ability to administer the dispute resolution process, conduct arbitration or to enforce the decision, the MBA shall be awarded reasonable attorneys’ fees and other costs associated with such proceeding if the challenge fails. If the MBA Dispute Resolution Service is selected to administer the dispute(s) between the parties, the MBA Dispute Resolution Intake Committee shall have the sole authority to determine whether any or all of the claims submitted for resolution are suitable for arbitration; to direct whether the MBA Construction Arbitration Board or Joint Resolution Process Arbitration Panel is the appropriate panel to hear the arbitration; and/or to determine whether any or all of the claims are better suited for referral to Small Claims Court. The MBA Dispute Resolution Intake Committee shall also have the authority to decide jurisdictional matters including, but not limited to, jurisdictional considerations such as compliance with the notice provisions of the “Right to Cure” law...See Morekathyg_in_mi
18 years agoJecca
18 years agohouseful
18 years agoquasifish
18 years agodeblw
12 years agotanya_malinov_yahoo_com
12 years agobarbcollins
12 years agokristyheffren1
7 years agosteve_o
7 years agojosephene_gw
7 years agosheltimom3
7 years agobry911
7 years agoRandy Gillard
5 years agomaifleur01
5 years agolast modified: 5 years agoBruce in Northern Virginia
5 years ago
Related Stories
LIFE12 House-Hunting Tips to Help You Make the Right Choice
Stay organized and focused on your quest for a new home, to make the search easier and avoid surprises later
Full StoryMore Discussions
spewey