New Construction Home Buyers Beware
When tax escrows are set up based on the value of the unimproved lot, new home buyers are in for a nasty surprise when the actual taxes are based upon the value of the lot with the new home. I needed to bring this subject to light again. I recently received another call from a lady who wanted to take legal action against a new home builder. The issue was in regards to her escrow shortage. Don’t get me wrong I am not saying all builders are the bad guy. I agree ultimately the homeowner is responsible for what ever type of loan they get. There is however issues with how the builders mortgage company set up tax escrows. Tax escrow shortages have contributed too many foreclosures across the country. I