Citifinancial Mortgage Co
Tax ripoff

In 1996 we sold our home of 27 years, we had planned this to be our retirement home, due to increased taxes, city, county, and school, we were forced to move to a lower tax district. We paid cash for our new home but along the way we had some unexpected expenses to finish the house. We found a company, Associates, and borrowed cash on a home equity loan. That was in 1998, the year I turned 65 yrs. Of age.in Texas when you reach age 65 you are allowed to defer your taxes. This means you no longer pay taxes on your property, they are deferred, not dismissed, with a lower intrest rate, and accummalate, at your death or sale of your home the taxes are paid through the estate or sale. This was a well known fact and informed Associates of this. We planned our payments to fit our retirement, to be paid in 10 years so we could have a home paid off and no other payments.

ON or about 2000 or Citifinancial Mortgage bought our mortgage.in 2002 we recived a statement notifying us that citi had paid the tax bill without notice to us. The amount was $5,300. They added it to an escrow account and demanded immeadeite payment. We have sent copious amounts of laws, rules, and regulations and have fought with them over the last 2 years to no avail. Then we recieved another statement in July of this year that once again they have paid our taxes in the amount of $5018.00. I went to the tax office and complained about the payment, and discovered the tax bill had not been paid. The director sent a fax to them explaining the law and that the tax bill had not been paid by them and that it was a deferred tax which we were entitled to due to our age. Our next statement came and the payment had been taken off, that gave us a better feeling that mayby they had indeed finally listend to us. But our mailbox held an anser to that. We recived a statement that they had once again paid our tax bill, this time in the amount of $5148.22 bringing our escrow to $10,515.47 half the amount of our original amount of the loan, which we have only 4 more years until it is paid off.

I am 71 years old I have a small income. We have never been late with our payment, it is on a direct pay from the bank our budget does not allow for a $10,000.00 pay off.

What do you do?

Company: Citifinancial Mortgage Co
Country: USA
State: Texas
City: COPPELL
Address: 1111 NORTHPOINT DRIVE
Phone: 8888602437

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