For my household, my wife and I bought our home right when we first got married. My wife carried the loan with her credit and me with my income. At the very beginning everything was great. We paid our mortgage on time, we always had enough money coming to the house and we always had a little extra each month. However those days came to a screeching hault for my wife and I on the day our taxes were due for our home the first year. You see what was promised to us by our underwriter that our taxes would be paid in an escrow account was in fact not being paid and no escrow account was ever set up. Our home taxes were due and we had to quickly come up with the money.
Bills weren’t being paid because we had to “rob Peter to pay Paul.” Our lives that we were living quickly faded and we have been in a financial mess ever since. When we realized this we pleaded with our mortgage company to allow us to pay what we owe as much as we could each month so we would not get behind. However to our dismay they said it had to be all or nothing. Obviously, within a few months of this we began to get foreclosure paperwork. Saying the bank was ready to repossess our home. We called and called and called, no one was willing to work with us. They said we should have, “known better.” I changed jobs at the time and was making more money than I was when ...
... middle of paper ...
...they needed one more thing. When we sent that one more thing in we would get another letter back saying that they needed us to send in the original paperwork again. It has been going on for months and months and no end in sight and I am afraid that we will lose our home if someone doesn’t help us quickly. My proposal is that if a company offers the program and the consumer shows that they have been making a good faith effort to get it all in then they should be allowed to proceed. If the mortgage company doesn’t move forward even after they have received all the paperwork then that company should be subject to a fine and or suspension of their license. Companies now are trying to show that they are working with the consumer but there are still some that do just enough to get under the radar but behind the scenes families like mine are suffering because of it.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Did you know that over fifty percent of students in Colorado DO NOT read, write, add, or subtract at grade level. This statistic is alarming and should create concern for the future of our country. This statistic is one of the motivating factors behind the proposed Amendment 66. The following text will explain Amendment 66, why it will not help kids the way it was advertised to the voting public, how it hurts small businesses, and why it is ultimately wrong for Colorado. First off, what is Amendment 66.... [tags: taxes, small businesses, schools]
774 words (2.2 pages)
- The current financial crisis, which had its roots from subprime mortgage crisis, began to increase dramatically in September of 2008. There have been significant economic disorders in United States alone. Major banks and financial organizations around the world are going bankrupt and writing down billion dollars. Housing markets are falling not just in United States but all around the world. This crisis is truly global and it is spreading like fire. Because of these economic crises, the US Congress came up with a $700 billion bailout plan to buy troubled assets from financial institutions who are struggling financially.... [tags: Economics]
2274 words (6.5 pages)
- When purchasing a new home in beautiful Charleston, SC, homeowners insurance probably isn 't the first thing to think about. Caught up in the fantasy of finding that dream home, you might not be as concerned with which company will insure it. Here at Triest, we know that a home can be the most valuable asset you own, and we want to protect it the right way. Writing homeowners policies in Charleston, Mt. Pleasant, West of the Ashley, and the surrounding islands since 1903, we are experts on the topic, and will work tirelessly to find the right fit for you.... [tags: Insurance, Home insurance, Casualty insurance]
788 words (2.3 pages)
- During this time of economic crisis the top priority is to see revenue growth. It is important there is a fiscal solution to create a sustainable budget agreement providing fairness and a logical taxation process for both higher income and lower income people. Throughout this span of time, trying to figure out a budget deal, we see trends of tax cuts, raising of taxes and spending and investing. All of these trends aim at the same mission to raise revenue and create a stable fiscal environment for the future long term issues not just short-term issues.... [tags: revenue, raising and cutting taxes]
1322 words (3.8 pages)
- ... This tax was brought into effect to help make up for the lost income at reducing the already high tariffs and excise taxes that the country had relied on so heavily. It wasn’t until the ratification of the 16th Amendment in 1913 that gave Congress the power to collect income tax. Part of the reason that the 16th Amendment passed was that there was the threat of yet another war. Wars are extremely expensive, and the country could not afford to pay for another one without an increase in revenue from taxes.... [tags: income/payroll/corporate and other taxes]
1318 words (3.8 pages)
- Paying Taxes In the United States, it is an obligation for every citizen and residents pay taxes; whether they are working full-time or part-time. However, certain people believe that it is prejudiced when the government collect taxes from them, if they are working for minimum wages and have low incomes. In a like manner, individuals who also wealthy are thinking that the government collect excessive taxes from them as well. In either case, certain people loathe the concept of government collecting money from their hard-working paychecks.... [tags: Resident, Taxes, Working Class, Government]
1070 words (3.1 pages)
- Is It Really Worth More Taxes. The government has decided that individuals should start eating healthy to reduce the rate of obesity in the county. To improve this rule, they are prepared to pass what they call ‘fat taxes’. This ‘fat tax’ is supposed to be targeted on the items that increase the level of obesity and by this, Americans would not have the funds to afford these ‘junks’ when the prices have been inflated. In this essay, I am going to share my opinion on how this ‘fat tax’ is not going to make America a better nation, and as citizens we should have the wellness of our country at heart.... [tags: Nutrition, Food, Eating]
734 words (2.1 pages)
- Taxes are a main cause of why many revolutions and rebellions happen, including the American Revolution, the French Revolution and other rebellions. Taxation is a system that the government uses to gain money, they gain this money to support the government and provide public services. The government may secure their profits without taxation from natural resources, products, or services. (Taxation 1) One place where taxes were and are a problem still in the society is America, many rebellions and wars were caused from the tax increase.... [tags: rebellion, governments]
1694 words (4.8 pages)
- Value Added Taxes A value-added tax (VAT) is a fee that is assessed against businesses by a government at various points in the production of goods or services, usually any time a product is resold or value is added to it. For tax purposes, value is added whenever the value of a product increases as a result of the application of a company's factors of production, such as labor and equipment. With VAT, the taxable amount is based on the value added at each stage of the process of producing goods and bringing them to market.... [tags: Production Economics Taxes]
1019 words (2.9 pages)
- The federal and state governments provide the American citizens with all of the basic necessities within our communities and society that is taken for granted. Programs responsible for assistance in times of need, providing a quality standard of living, and maintaining the strongest military in the world costs incomprehensible amounts of money and could never exist without taxes from the American people. Taxes are payments made by individuals and businesses to support the government and its services.... [tags: Government]
1179 words (3.4 pages)