More details to this question:
We were sold a mortgage based on undeveloped land by the lender who was "preffered" by the develop[er of the neighborhood. Our mortgage the first year was $1395 and has since gone up to $1785 due to the property taxes which now include the structure. Is this an illegal practice?
1 ANSWER
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Martin,
If I understand your facts correctly, you purchased land last year through the use of a loan offered by the developer's preferred lender. Now the payments on that loan have increased due to a property tax increase based on a structure being built on your land.
I'll assume that you have built a home on your land, thus the property tax increase. And that your loan in a PITI payment. In that case your lender has likely done nothing wrong. This will be governed by the terms contained within the promissory note. However, if you are claiming fraud, or collusion, or usury rates then we should talk about that more because you may have a case.
Good luck,
Don
Answered on Aug 29th, 2013 at 4:08 PM
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