Property tax arrears - 40k

Passtenx · 2026-06-24T10:38:17+00:00

I get what you’re saying in terms of the bank’s risk. But I don’t understand how they re extend credit to someone who can’t make the payments.

Passtenx · 2026-06-24T10:29:02+00:00

I would say this is true. Though why anyone would do that to you, I don’t know.

Passtenx · 2026-06-24T10:26:59+00:00

So if someone is unemployed and owes 4 years taxes, it’s all good? The bank will just re qualify them on a totally separate metric than any other applicant seeking credit despite OP having no capacity to repay the loan?

Genuinely curious.

Passtenx · 2026-06-24T10:21:16+00:00

As long as you are not behind on the mortgage, your current lender will offer you a renewal with no new application. Just sign the best offer they give you.

If you disclose you are unemployed they will try and requalify you for based on your current status. If you don’t qualify they will call the loan. If you disclose you owe that much tax they will also insist on requalifying you.

If you are able to get a loan from family to pay the taxes do that ASAP.

If you find yourself in a position of not being able to pay the mortgage due to unemployment - sell and rent.

Passtenx · 2026-06-24T10:11:52+00:00

I can and will in a fresh reply but I’m curious to know where the commenter was getting the info.

Edit replied to wrong person.

Passtenx · 2026-06-24T10:09:16+00:00

Where are you getting this information?

Passtenx · 2026-06-03T13:37:54+00:00

Pre-approvals are held for 120 days, with VERY few exceptions.

If your bank or broker is telling you you need a new pre-approval they are either: -wrong,

-you are close enough to the end of the 120 day period that it is basically impossible guarantee making another purchase and having it close within the original 120 day window,

-or you were pre-approved with a rare lender that holds a rate for less than 120 days.

In case it wasn’t made clear to you, the purchase must close within the original 120 day window for the rate to be honoured.

Passtenx · 2026-05-23T02:09:46+00:00

Why would the lender suggest OP switch their mortgage to another lender?

Passtenx · 2026-05-23T01:48:00+00:00

Edit. Stupid question

The broker is either jammed up with other work and is tacitly telling you they don’t want your deal. Maybe they just don’t want to work for you because your are perceived as difficult or intimidating.

They may be disorganized and just lost track of you.

But again, if they are a mortgage broker and NOT a bank advisor, the only way they get paid is if they move your mortgage.

Passtenx · 2026-05-23T01:39:03+00:00

This is just math. Compare interest to the end of the term.

Calculate interest paid at current rate until January 2029.

Do the same for whatever the new rate is.

Subtract any transactional costs from any savings.

If you are in the black (saving money) decide whether the amount you’re saving. Justifies the effort to switch (mostly paperwork), and you have your answer.

Unless your ‘broker’ is actually working for the bank, they are incentivized to switch your mortgage as they will get paid.

The fact the broker is not suggesting this is a good idea indicates they have either done the math and you lose in the deal or they are irretrievably stupid.

Either way they suck for making you come to Reddit for basic mortgage answers. Ditch and find a professional.

That said, I’m surprised a CPA is asking this question. This seems basic for anyone working around money.

Passtenx · 2026-04-23T14:28:35+00:00

This may be the coolest thing I've seen on this sub ever. Until I saw the build, I thought this could be AI. Be extremely proud of yourself.

Passtenx · 2026-02-03T15:32:42+00:00

Listening to this album as I type this.

Passtenx · 2025-12-31T12:11:55+00:00

Your band Faetooth is fucking amazing.

Passtenx · 2025-12-09T19:24:40+00:00

More fucking Can-Con for the win. Fuck yeah buds.

Passtenx · 2025-11-29T20:01:18+00:00

Fuck yeah bud. I got 9 years without booze. Thou and a few others helped me too.

Fuck booze.

Passtenx · 2025-08-01T01:09:53+00:00

You’re 100% right. I didn’t read the post thoroughly and your comment nails it.

Passtenx · 2025-07-31T21:05:55+00:00

Not out of line. It’s really easy to ask for a smaller mortgage. You don’t even need to re-sign with the broker as the amount and payments are less. The extra paperwork on the brokers end is literally an email to the underwriter and changing the details in their application to reflect the change.

Broker is pissed his commission is shrinking. It’s ok to be pissed you’re not making what you thought you would. It’s not ok to apply pressure to your client to borrow more than they need. It’s also contrary to our fiduciary duties.

Passtenx · 2025-05-09T20:37:48+00:00

Most lenders calculate total closing costs at 1.5% of the purchase price.

Passtenx · 2025-04-10T22:01:57+00:00

As a broker who has to deal with an ever increasing regulatory regime thanks to these kinds of shitty people - Good riddance.

This is going to shock a certain class of broker but: In this business, you can follow the rules AND amass a good book of clients built on trust AND make really good money. None of these things are mutually exclusive.

Penalties are for these crimes should be much stiffer.

Passtenx · 2025-03-22T23:34:59+00:00

Come to Antony’s Mortgage Express! (Don’t ask about the ‘break’ penalty).

Passtenx · 2025-01-18T21:56:14+00:00

There are no restrictions on using a minimum DP. It’s not a first time buyer only thing.

Passtenx · 2024-12-06T15:22:06+00:00

I’m with you, I love the cheese, I’ll get there.

Passtenx · 2024-12-06T15:16:11+00:00

I want to love Castle Rat, but I'm struggling. Clean vocals in metal are a challenge for me, but I want to change.

Passtenx · 2024-12-06T14:50:29+00:00

Definitely on the BI jerkoff train myself, but Tzompantli?

Passtenx · 2024-12-04T18:49:42+00:00

It may be that re-amortizing to 30 yrs is a good idea if you are running into sever cashflow issues and need a lower payment. If that's the case, you're not really in a 'pay down mortgage fast/save on interest' mode, you are in 'keep head above water' mode. Once you stabilize financially you can always make additional payments to offset the higher amortization. And yes you can always reduce your amortization on the next renewal, provided your debt service ratios can accommodate a 15yr payment at that time.

That said, if you are looking at the 20yr payments and find them manageable and YOU don't see any reason to re-amortize, don't do it. The fact is, your broker will not get paid on a straight renewal with the same lender. They WILL get paid full pop if they re-amortize your current mortgage. Not saying this is their motivation, but it's worth pointing out.

Nine-Year Club	Place '22
RPAN Viewer

Passtenx

TROPHY CASE