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VA Loan Tax Exempt

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Anonymous
Not applicable

Re: VA Loan Tax Exempt

I close in 5 days so luckily I should make it by the first of the year. The way my loan officer thinks it will work is I should be able to get my payments adjusted for being tax exempt as soon as i get the paperwork in, but it could take until the servicers annual review to get any funds back that were paid into escrow for the property taxes. I just have to wait and see. I didnt go through a veterans mortgage company and im not around a big base so they haven't done a lot of va loans with property tax exemptions. Right now everything is done.  Im just waiting to close. Hurry up and wait.

Message 11 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

Last minute nightmare with 4 days to close. My loan had passed everything and not only was i waiting to close, but i was going to get money back. Then before I could wake up, I get a call from the LO. The title company had found a tax lien from 1998. What really disgusts me is in 2010 I got all my taxes caught up. I called the state tax commission and they sent all the tax info to get everything filed.. I think i even got a small refund.  Thats enough to make you stroke out first thing in the morning. I called The tax commission and they gave me the amount and are printing a summary of what I owe. I should get that tomorrow. I was relieved i was able to get a hold of them so easy and get the information i needed. If they get me the bill tomorrow morning then I should still close on time with a lot less money.   Now I just have to keep from stroking out.

Message 12 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

Closed. Finally. I go a lot of really good information from this board. I finally stressed completely out after tax lien mess but everything has been taken care of. Im not sure i want to go back through that again for a long time.
Message 13 of 19
JVille
Valued Contributor

Re: VA Loan Tax Exempt

Congratulations 🎉🎈 and next time all this will be behind you and so so much easier!
Message 14 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

Thanks jville. This has been an exciting and stressed out year. It started with stressing out over my va disability rating. Then double stress getting 150 grand worth of student loans discharged. Finally a triple stressor buying this house. The house was at least 20k under priced. I needed to get it closed. After the first of the year things pick back up. Im starting to recover a little now. Just in time to start moving.
Message 15 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

Update on the property tax exemption. 

It took a couple of weeks for the deed to get to the courthouse and entered into the system. It only took about 10 minutes to get my property tax exemption approved. About the same time,  I got a letter from my mortgage lender that they had sold my loan to Wells Fargo and after i made my first payment to the mortgage company i was suppose to get a coupon book from Wells Fargo. Then i was suppose to turn in my papers to have the property tax exempt from my loan payment. After a week or so I decided to call Wells fargo to see if I could speed up the process. I was happy to find out they already had me in their system. They had me fax in the tax exemption papers and request a review of the escrow line. They said everything should be taken care of by next week and my payments adjusted. It may take a little over a week to get my pre paid taxes from the escrow account back. Thats several months faster than i expected and a big relief that Wells Fargo had everything in place to get it done that quick. 

Message 16 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

Just curious, was the property you purchased in the same county as the lien?


@Anonymous wrote:

Last minute nightmare with 4 days to close. My loan had passed everything and not only was i waiting to close, but i was going to get money back. Then before I could wake up, I get a call from the LO. The title company had found a tax lien from 1998. What really disgusts me is in 2010 I got all my taxes caught up. I called the state tax commission and they sent all the tax info to get everything filed.. I think i even got a small refund.  Thats enough to make you stroke out first thing in the morning. I called The tax commission and they gave me the amount and are printing a summary of what I owe. I should get that tomorrow. I was relieved i was able to get a hold of them so easy and get the information i needed. If they get me the bill tomorrow morning then I should still close on time with a lot less money.   Now I just have to keep from stroking out.


 

Message 17 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

No it wasnt but it was a state tax lien. No way to escape that one, unless I took it to court. I was too close to closing on my home to do anything but panic and pay it. 

Message 18 of 19
Anonymous
Not applicable

Re: VA Loan Tax Exempt

Everything had gone smoothly and I had finally got confortable in my new home and finally started recovering from all the stress. Then i get a nasty gram from Travellers Insurance that said they have not received any money from wells fargo and I had until April to pay up or my insurance would be cancelled. Thats almost 2000 dollars. I called Wells Fargo and they said the title company should have paid it. Wells Fargo will not have enough in escrow until next year. So i call the title company. They paid the local insurance agent the day i closed. So, i called Travellers back. They had no record of any payments that were made. I talked to the local agent and they paid Travelers insurance way back in December and even had a confirmation number. So i called Travellers back. This time they wanted 200 dollars more. They could not find any information on their own confirmation number when it was paid and could not explain why they decided to up my insurance 200 bucks except to call the local agent. The local agent has no idea what happened. They are now trying to find me another insurance company. They think Travellers is acting strange and it makes them uncomfortable. Especially after saying they were not paid when they were. However, the electronic check was never cashed by travellers according to the local agent. I should have just gone a head and paid USAA their outrages premiums. Since I live in a tornado state my insurance is twice as much as a regular state. I was hoping i was past the insurance snafu for at least a year. I never even made it a week i guess.

Message 19 of 19
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