How to Prepare New Homeowners for Taxes Essay

How to Prepare New Homeowners for Taxes Essay

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From the beginning of time there have been taxes, whether we like to admit to them or not they are a necessary evil. For most coming up with the extra money has been something that is a nuisance, for others it is much more than that. For a lot of us there are the real effects of losing our homes, cars, not being able to put food on our tables if we don’t have the money to pay our taxes.
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 ...

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...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.

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