I myself have been the victim of placing trust in what I believed was a nationwide mortgage co.practicing truthful lending. My credit was strong and I had well over 120,000. in paper equity in my home, I was a current customer of countrywide and they offered a debt consolidation loan and a better rate. The mortgage was brokered over the phone, they found the best deal on a homeowner's insurance policy and never mentioned this lower home payment was made possible by omitting an escrow account, Everything's Taken care of I was assured constantly! So three months ago my payment goes from 1160.-to 2200. and NOW I'm finding a forced place homeowner's policy and oh yeah I owe back taxes as there was never an escrow account! I call my county tax collector and my unpaid taxes of 2750.00 have been sold to a corporation, and I now owe and additional 2100. for the year of 2017. Interestingly the clerk of the county informs me that well over 70% of people owing back taxes were unaware they were also refinanced without escrow accounts. I take responsibilty for being unaware of this vital information in such a significant finacial investment; but am awe struck that this has become an "industry standard" in refinancing homes with escrow accounts(the modern standard)to omitting it stealthly to sell you on the lower payment.
