Pages

Jump to bottom

10 comments

1 Fat Bastard Vegetarian  Wed, Dec 7, 2011 4:43:35am

Class action?... so this isn't a "system glitch". Damn.

2 Shropshire_Slasher  Wed, Dec 7, 2011 4:47:18am

Well, just to be an asshole(me :), maybe they set up an escrow account with BOA to include payment of taxes and insurance, common practice, and then decided not to pay. Now that I finished my sentence I remember, I'm playing devil's advocate.

3 AK-47%  Wed, Dec 7, 2011 4:47:50am

"Class action" is just a codeword for "class warfare".

/

4 RogueOne  Wed, Dec 7, 2011 4:57:27am

I thought all mortgages were paid this way. Part of my monthly payment goes into an escrow account to pay property taxes and insurance. I thought that was pretty standard.

5 RogueOne  Wed, Dec 7, 2011 5:09:19am

I read something that said it was my decision if the mortgage holder kept an escrow account but after some research I think that's mistaken. According to the federal RESPA regs it is up to the lender to decide.

[Link: portal.hud.gov...]

Does RESPA require borrowers to maintain an escrow account?

NO. It is the lender's decision whether the borrower must maintain an escrow account for the purpose of paying taxes and other items.

6 funky chicken  Wed, Dec 7, 2011 6:03:30am

We have a mortgage with ING and they don't hold escrow. We do have to remember to pay the city and county taxes and the HI insurance, which is kind of a hassle. But it's no big deal...and they aren't sitting on a pile of our cash.

7 Daniel Ballard  Wed, Dec 7, 2011 6:31:59am

Obdicut, I'd say this is one of your best catches yet. well done.

8 Obdicut  Wed, Dec 7, 2011 7:28:35am

It's the not telling them, not even bothering to tell them they were screwing them that gets me.

9 (I Stand By What I Said Whatever It Was)  Wed, Dec 7, 2011 9:38:07am

So are more than 50 % of what banks do illegal already or no?

The time might have come to seriously consider a national bank in order to effectively stop this bullshit.

10 lawhawk  Wed, Dec 7, 2011 10:00:13am

re: #4 RogueOne

I thought all mortgages were paid this way. Part of my monthly payment goes into an escrow account to pay property taxes and insurance. I thought that was pretty standard.

Not all mortgages are set up with escrow accounts. Some lendees can arrange to pay for the taxes themselves, and there is an opt-out on forms to eliminate the escrow for taxes and fees.

However, what appears to have happened here is that the bank acted as though there was an escrow account, took the funds necessary to cover the escrow, and then claimed the homeowners were deficient. This is a paper trail situation - did the homeowners actually opt out or did the bank ignore the opt-out. If the paperwork is in order, this should be a pretty straight forward situation to resolve.

That they've gone class-action suggests that this was a ploy to push a certain group of homeowners into default, in which case criminal charges should be pending in addition to all other civil penalties that can be assessed.


This page has been archived.
Comments are closed.

Jump to top

Create a PageThis is the LGF Pages posting bookmarklet. To use it, drag this button to your browser's bookmark bar, and title it 'LGF Pages' (or whatever you like). Then browse to a site you want to post, select some text on the page to use for a quote, click the bookmarklet, and the Pages posting window will appear with the title, text, and any embedded video or audio files already filled in, ready to go.
Or... you can just click this button to open the Pages posting window right away.
Last updated: 2016-01-01 10:29 am PST
LGF User's Guide RSS Feeds Tweet

Help support Little Green Footballs!

Subscribe now for ad-free access!Register and sign in to a free LGF account before subscribing, and your ad-free access will be automatically enabled.

Donate with
PayPal
Square Cash Shop at amazon
as an LGF Associate!
Recent PagesClick to refresh
#Thegreatpoolpondconversion - 191014After three weeks of meh pictures and invisible progress, we were determined to have something to photograph today. And we were eager to start on the upper shelf. We were close, but not quite there, and we were determined! To ...
DangerMan
3 days, 12 hours ago
Views: 263 • Comments: 0 • Rating: 3
Tweets: 0 • Share to Facebook
Jack Klatt - Highway Lines (Live at Radio Heartland)Jack Klatt performs 'Highway Lines' from his 2019 album, 'It Ain't The Same,' live in the studio of Radio Heartland at The Current.
Thanos
5 days, 13 hours ago
Views: 245 • Comments: 0 • Rating: 0
Tweets: 2 • Share to Facebook
Brittany Howard Performing ‘13th Century Metal’ Live on KCRW Brittany Howard's solo debut album Jaime puts her powerhouse vocals on full display. It also takes us front and center to her very personal journey of loss, love and self-discovery. We're thrilled to welcome her back to KCRW to ...
Thanos
1 week ago
Views: 429 • Comments: 0 • Rating: 0
Tweets: 1 • Share to Facebook
(15) Rodrigo Y Gabriela - Electric Soul (Live on KEXP) kexp.org presents Rodrigo y Gabriela performing "Electric Soul" live in the KEXP gathering space. Recorded July 14, 2019. Host: Stevie ZoomAudio Engineers: Kessiah Gordon & Kevin SuggsAudio Mixer: David MarchantCameras: Jim Beckmann, Alaia D'Alessandro, Luke Knecht & Justin WIlmoreEditor: ...
Thanos
1 week ago
Views: 449 • Comments: 1 • Rating: 1
Tweets: 2 • Share to Facebook
Fresh Air (Remastered) Quicksilver Messenger Service Provided to YouTube by Universal Music Group Fresh Air (Remastered) · Quicksilver Messenger Service Classic Masters ℗ 2001 Capitol Records, LLC Released on: 2007-01-01 Producer: Quicksilver Messenger ServiceStudio Personnel, Mastering Engineer: Robert VosgienComposer: Jesse Oris Farrow Auto-generated by YouTube. ...
Thanos
1 week ago
Views: 499 • Comments: 0 • Rating: 2
Tweets: 2 • Share to Facebook
Jon Anderson - Song of SevenFrom the 1980 album "Song of Seven".
Thanos
1 week, 2 days ago
Views: 523 • Comments: 0 • Rating: 0
Tweets: 1 • Share to Facebook
#Thegreatpoolpondconversion - 191006 Today we have to take a few steps back in explanation. The pond is going to have three levels. Sort of an upside down ziggurat. The lowest level, in the center we call ‘the channel’. After the liner is ...
DangerMan
1 week, 4 days ago
Views: 650 • Comments: 0 • Rating: 4
Tweets: 0 • Share to Facebook
Jon Anderson - Change We MustFrom the 1994 album "Change We Must".
Thanos
1 week, 6 days ago
Views: 709 • Comments: 0 • Rating: 0
Tweets: 2 • Share to Facebook
North Mississippi Allstars - ‘Drunk Outdoors’ [Audio Only]From the album 'Up and Rolling,' available October 4, 2019: geni.us
Thanos
1 week, 6 days ago
Views: 685 • Comments: 0 • Rating: 0
Tweets: 1 • Share to Facebook
Dr. Demento & John Cafiero - What’s in My Bag? Dr. Demento and John Cafiero go shopping at Amoeba Music in Los Angeles. Check out their picks:Cal Stewart - Uncle Josh's Letter from Home (78) Spike Jones - Ugga Ugga Boo Ugga Boo Boo Ugga (78) Johnny Otis Orchestra ...
Thanos
2 weeks, 5 days ago
Views: 1,015 • Comments: 0 • Rating: 0
Tweets: 13 • Share to Facebook