New York State Residential Mortgage Holders who directly pay property taxes cannot be charged a fee
MURRAY FRANK LLP Investigates Claims of Fraud against New York State Residential Mortgage Holders and/or Servicers.
MURRAY FRANK LLP is investigating claims of consumer fraud by banks, lending institutions (collectively, “Lenders”) and mortgage servicers on behalf of borrowers who elect to directly pay property taxes on their mortgaged residential property.
Purchasers of residential properties, including homes and condominiums, can pay for part of the purchase price with money borrowed from Lenders, in the form of a mortgage, or a loan. As part of servicing of the loan on the property, the Lender may require from the borrower, money to be set aside for property taxes.
An escrow account is a separate account created for just this purpose. The Lender puts a portion of each of the borrower’s monthly mortgage payment into the escrow account. The Lender later withdraws money from the account to pay costs when they become due.
However, instead of paying in an escrow account, borrowers may choose to pay for property taxes on their own. This is a borrower’s right.
Under New York Law, Lenders and mortgage servicers may not penalize borrowers who choose to directly pay property taxes on their mortgaged residential property. However, some Lenders and mortgage servicers are charging borrowers fees for electing to do so. This is illegal.
If you choose to directly pay property taxes on your mortgaged property, and you have been charged illegal fees and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Lee Albert (800) 497-8076 or (212) 682-1818, or by email at [email protected].
Contact:
MURRAY FRANK LLP
Lee Albert
(800) 497-8076
(212) 682-1818
[email protected]
www.murrayfrank.com
MURRAY FRANK LLP is investigating claims of consumer fraud by banks, lending institutions (collectively, “Lenders”) and mortgage servicers on behalf of borrowers who elect to directly pay property taxes on their mortgaged residential property.
Purchasers of residential properties, including homes and condominiums, can pay for part of the purchase price with money borrowed from Lenders, in the form of a mortgage, or a loan. As part of servicing of the loan on the property, the Lender may require from the borrower, money to be set aside for property taxes.
An escrow account is a separate account created for just this purpose. The Lender puts a portion of each of the borrower’s monthly mortgage payment into the escrow account. The Lender later withdraws money from the account to pay costs when they become due.
However, instead of paying in an escrow account, borrowers may choose to pay for property taxes on their own. This is a borrower’s right.
Under New York Law, Lenders and mortgage servicers may not penalize borrowers who choose to directly pay property taxes on their mortgaged residential property. However, some Lenders and mortgage servicers are charging borrowers fees for electing to do so. This is illegal.
If you choose to directly pay property taxes on your mortgaged property, and you have been charged illegal fees and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Lee Albert (800) 497-8076 or (212) 682-1818, or by email at [email protected].
Contact:
MURRAY FRANK LLP
Lee Albert
(800) 497-8076
(212) 682-1818
[email protected]
www.murrayfrank.com