Title says it all - my mortgage is going up $420 PER MONTH, starting in July. That's a new car payment (which we won't have the luxury of affording now). This is because of last year's property re-evaluation greedy money-grab from my state and/or county in Ohio, so I'm basically getting taxed on unrealized gains.
If this had happened to my brother, who is on a very fixed income, he'd literally be homeless (he's in TN renting from our cousin, thank God for him). How are old folks supposed to come through this? So many will lose their homes, and the real rub is that monthly rental costs are even higher than our mortgage payments so they can't count on moving into a rental rather than have their home foreclosed.
Sorry to vent. My youngest graduates from high school next spring so we'll definitely be voting with our feet.
If your taxes and insurance payments are included in the mortgage payment, the payment will go up when these costs go up. The monthly amount goes into an escrow account and the taxes and insurance are paid by the mortgage company in the month they are due.
If these costs go up the mortgage company will require the increase be paid to go into the escrow for the coming year. The homeowner can appeal the new valuation but I too would be voting with my feet.
Thanks for the explanation. I've never had property taxes or insurance bundled with my mortgage so this seemed odd.
Property taxes and property insurance are out-of-control in too many areas. I hope PDJT can start crushing insurance companies SOON as too many people are getting squeezed really badly by these crooks. And states need to adopt programs like Florida's FAFO to uncover the fraud in these local governments (marxist and rino infested) that are grifting at taxpayers' expense as they jack up property taxes. (Off the top of my head, FAFO has uncovered about $2B - billion - so far in wasteful and/or DEI BS spending and they only audited about a dozen cities so far). With the DS getting kneecapped financially I expect this will get worse before it gets better.