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Lenders going crazy?

September, 2005.

People with a monthly net income of $3,000 - $4,000 can get a loan of over $600,000 sometimes with an LTV (loan to value) of over 80%. Lenders sure are very busy even with those risky loans usually being sold.

But is everything else working as it should be?

I received a letter “Past Due Notice of Real Property Taxes” from the county treasurer. The disturbing part is that my property taxes are paid by my lender, Countrywide. Yes, they forced me to impound tax and insurance (fine with me, only one payment).
The county treasurer had written the letter on Sep 06, 2005, apparently no payment had been received since March 2005.

I have never been late on any payments. Quite the opposite - I make loan payments that are due on the first of a month typically on the 15th of the previous month.

I called Countrywide and they simply say they made payments on time and that there was a payment early in August (4 weeks before the treasurer sent the letter). Countrywide says that there is currently a problem with Clark County in acknowledging receipt of tax payments.

At least an institution like Countrywide has better means in handling a ‘lost transaction’. An individual whose payment ‘got lost’ would end up very likely to have to make the payment a second time and try to get back the first payment from whoever received it.

My recommendation is that impounding taxes and insurance still makes some sense.

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