MOST people in the city who are buying homes do not have money for big down payments, MOST get government backed mortgages and taxes MUST be escrowed, the bank sends the payment for taxes.
But even those who get conventional NON-GOVERNMENT-BACKED mortgages are mandated to pay taxes into escrow.
Here is an image of an excerpt from a NON GOVERNMENT BACKED mortgage done at Pioneer Bank for someone who paid 10% down on their mortgage.
Remember, the home buyers signed a legal document agreeing to this!
Should homeowners stop paying their taxes and then wind up paying the high interest and penalties?
Should homeowners stop paying their mortgages and lose their home to foreclosure?
By the way, the house involved in this purchase took a year and half to sell. The owner is one of the ex-elected in the city.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Not much choice. Escrow or you don't buy a house. Then you can pay rent that exceeds the cost of the mortgage and the rent payment in 30 years will be triple what it is today. Granted, taxes go up which increase the mortgage payment, but your total mortgage payment with increases in taxes will NOT be triple in 30 years.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Not much choice. Escrow or you don't buy a house. Then you can pay rent that exceeds the cost of the mortgage and the rent payment in 30 years will be triple what it is today. Granted, taxes go up which increase the mortgage payment, but your total mortgage payment with increases in taxes will NOT be triple in 30 years.
Pose that logic to those caught up in the subprime mortgage bubble. If mortgages are lower than rent, then you have to question why? The reason is that property is STILL overvalued due to artificially low interest rates. People are using that same logic to convince themselves that it would be illogical to rent, because in the near future it is cheaper to tie yourself to a home mortgage for 30 years. A mortgage is much riskier than renting. The majority of the interest is frontloaded, so after 10 years, you hardly have touched the principle. You post about it yourself, there are people with their homes on the market for YEARS. How much money are they losing by paying two mortgages? Or one mortgage and renting? Or how do they feel being trapped to their house/mortgage because they are waiting for prices to rise so they can break even on their mortgage?
Your taxes may not triple in 30 years, but they will double. And as you see in Schenectady, when priced for inflation, the value of your property could lose 50-60-70 percent of value.
EXACTLY!!! Go to other banks. Not all require escrowed taxes. Trustco doesn't. But Trustco doesn't give out government loans. (fha/va) they are conventional loans only. All banks offer conventional loans along with government loans.
If ya go with an fha loan....who will only escrow taxes....then gov almighty owns ya lock stock and barrel!! Kinda like welfare, except you are paying them back 'with interest' and renting with taxes!!! it's a scam!!!
Back on topic....NOT ALL property owners in the city of Schenectady have taxes escrowed. Some don't even have a mortgage anymore!! WHERE ARE THEY?????? How many are there? Haven't heard nothin'.
And again.....if as mc1 states, that it is a total losing battle....then STOP BITCHING!!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Pose that logic to those caught up in the subprime mortgage bubble. If mortgages are lower than rent, then you have to question why? The reason is that property is STILL overvalued due to artificially low interest rates. People are using that same logic to convince themselves that it would be illogical to rent, because in the near future it is cheaper to tie yourself to a home mortgage for 30 years. A mortgage is much riskier than renting. The majority of the interest is frontloaded, so after 10 years, you hardly have touched the principle. You post about it yourself, there are people with their homes on the market for YEARS. How much money are they losing by paying two mortgages? Or one mortgage and renting? Or how do they feel being trapped to their house/mortgage because they are waiting for prices to rise so they can break even on their mortgage?
Your taxes may not triple in 30 years, but they will double. And as you see in Schenectady, when priced for inflation, the value of your property could lose 50-60-70 percent of value.
Ah yep.
A little off topic, but I'm convinced that mikechristine1 is a former realtor who lost his shirt over the mortgage bubble thing and is so bitter he blames the Democrats and his "arch-enemy" who shall remain unnamed here for all his problems. Why else would he post in the manner he does?
"I saw the best minds of my generation destroyed by madness, starving hysterical naked, dragging themselves through the negro streets at dawn looking for an angry fix,"
EXACTLY!!! Go to other banks. Not all require escrowed taxes. Trustco doesn't. But Trustco doesn't give out government loans. (fha/va) they are conventional loans only. All banks offer conventional loans along with government loans.
If ya go with an fha loan....who will only escrow taxes....then gov almighty owns ya lock stock and barrel!! Kinda like welfare, except you are paying them back 'with interest' and renting with taxes!!! it's a scam!!!
Back on topic....NOT ALL property owners in the city of Schenectady have taxes escrowed. Some don't even have a mortgage anymore!! WHERE ARE THEY?????? How many are there? Haven't heard nothin'.
And again.....if as mc1 states, that it is a total losing battle....then STOP BITCHING!!!!
^5
"I saw the best minds of my generation destroyed by madness, starving hysterical naked, dragging themselves through the negro streets at dawn looking for an angry fix,"
EXACTLY!!! Go to other banks. Not all require escrowed taxes. Trustco doesn't. But Trustco doesn't give out government loans. (fha/va) they are conventional loans only. All banks offer conventional loans along with government loans.
If ya go with an fha loan....who will only escrow taxes....then gov almighty owns ya lock stock and barrel!! Kinda like welfare, except you are paying them back 'with interest' and renting with taxes!!! it's a scam!!!
Back on topic....NOT ALL property owners in the city of Schenectady have taxes escrowed. Some don't even have a mortgage anymore!! WHERE ARE THEY?????? How many are there? Haven't heard nothin'.
And again.....if as mc1 states, that it is a total losing battle....then STOP BITCHING!!!!
But who has money for a 20% down payment at Trustco? People who get mortgages at Trustco are people who do not live in Schenectady, they have good jobs and know better than to buy a house in the city, they buy outside of the city.
Low income people buy in the city and they don't have money for a down payment so how are they supposed to get a mortgage from Trustco?
True, SOME people don't have taxes escrowed, but if 5 or 10% of the people stopped paying taxes to send a message to the city, it will never make a difference.
Those who don't have mortgages are probably the 70 and 80 year olds who paid off their mortgages maybe 35-40 years ago, probably low incoe so they are qualified for all exemptions allowed and have a tax bill that is about $100 plus fees.
The people who got this mortgage got a conventional mortgage, paid 10% down and STILL the bank required escrow.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
A little off topic, but I'm convinced that mikechristine1 is a former realtor who lost his shirt over the mortgage bubble thing and is so bitter he blames the Democrats and his "arch-enemy" who shall remain unnamed here for all his problems. Why else would he post in the manner he does?
ROFL
Have never even seen a text book for getting a realtor license. Guess you are too uneducated to know how to do research, understand property values, assessments, get sales records, look up history? I don't have to leave the house to find facts.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Have never even seen a text book for getting a realtor license. Guess you are too uneducated to know how to do research, understand property values, assessments, get sales records, look up history? I don't have to leave the house to find facts.
I go to the same places you do for that kind of research. Doesn't take a genius to do that you know. I just don't spend all my time posting that stuff here.
So you don't have a realtor's license then. Guess you're not as smart as I gave you credit for. And btw the next time you're posting tax delinquents, how about including a few Republican's in your list. Or are you now going to claim there are no tax delinquent Republicans?
"I saw the best minds of my generation destroyed by madness, starving hysterical naked, dragging themselves through the negro streets at dawn looking for an angry fix,"
But who has money for a 20% down payment at Trustco? People who get mortgages at Trustco are people who do not live in Schenectady, they have good jobs and know better than to buy a house in the city, they buy outside of the city.
Low income people buy in the city and they don't have money for a down payment so how are they supposed to get a mortgage from Trustco?
True, SOME people don't have taxes escrowed, but if 5 or 10% of the people stopped paying taxes to send a message to the city, it will never make a difference.
Those who don't have mortgages are probably the 70 and 80 year olds who paid off their mortgages maybe 35-40 years ago, probably low incoe so they are qualified for all exemptions allowed and have a tax bill that is about $100 plus fees.
The people who got this mortgage got a conventional mortgage, paid 10% down and STILL the bank required escrow.
I don't know who the hell you talk to...but trustco is 10% down if it's owner occupied...and they don't escrow.
and don't give me the sob story about the low income folks who, as you say, have NO CHOICE but to get a GOVERNMENT HANDOUT LOAN that are only in it for the bankers and the tax collectors!!!
I think you are way off base and nothing more than a dem hater using homeowners as your platform. Homeowners that apparently don't give a sh!t!
listen...the powers that be in the city are about as legally corrupt as you can get. BUT...you are going in the wrong direction. you are like walking thru a revolving door that ends up right back where you start.
WHAT IS YOUR SOLUTION??
JUST DON'T PAY THE MACHINE VIA TAXES!!! simple as that!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
And btw the next time you're posting tax delinquents, how about including a few Republican's in your list. Or are you now going to claim there are no tax delinquent Republicans?
^5
if a dem is delinquent...they are criminals.....anyone else...well they are the victims of the criminals!!
give me a break.
you can't have it both ways mc1
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
I don't know who the hell you talk to...but trustco is 10% down if it's owner occupied...and they don't escrow.
and don't give me the sob story about the low income folks who, as you say, have NO CHOICE but to get a GOVERNMENT HANDOUT LOAN that are only in it for the bankers and the tax collectors!!!
I think you are way off base and nothing more than a dem hater using homeowners as your platform. Homeowners that apparently don't give a sh!t!
listen...the powers that be in the city are about as legally corrupt as you can get. BUT...you are going in the wrong direction. you are like walking thru a revolving door that ends up right back where you start.
WHAT IS YOUR SOLUTION??
JUST DON'T PAY THE MACHINE VIA TAXES!!! simple as that!
Show me proof of low incomes families getting a mortgage from Trustco. (Unless someone inherits a house from a parent and sells it and has some cash).
I don't even think Trustco gives mortgage for the mayor's HOMES program, because they will not deal with lower income people.
Just look at the details about this mayors HOMES program. The buyers of houses do NOT have even money for a 2% down payment under an FHA mortgage! The city has a program to hand out tax money to give them this "second mortgage" program to pay the down payment and the closing costs.
These are low income people who do not have money for down payment and do not have money for closing costs. It is low income people mostly that are buying in the city and therefore they have absolutely no choice but to have their taxes escrowed. And because of that, they have no choice to not pay taxes
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
So you don't have a realtor's license then. Guess you're not as smart as I gave you credit for.
One who is NOT a realtor, nor work in any field remotely connected, does not need such a license, do they?
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
. And btw the next time you're posting tax delinquents, how about including a few Republican's in your list. Or are you now going to claim there are no tax delinquent Republicans?
What city or county leaders are Republican?
What Metroplex favored people are Republican AND live IN the city?
Give me names, we can check them and post them
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Logged
