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#1829146 - 06/29/13 03:36 PM Payment of Prior Year's RE Tax
Wonderofitall Offline
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Wonderofitall
Joined: Sep 2010
Posts: 207
Out West
Borrower applies for a RESPA-covered loan to consolidate several bills – credit cards, prior year’s past-due RE tax, current year’s income tax – and, of course, take a nice vacation. Bank does not escrow but will require that prior year's RE tax be paid from loan proceeds.

Should the prior year’s tax be shown on the HUD-1 in the 200 section, 900 section, or not at all? I'm thinking 900s. What say you?

Thanks!
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#1829148 - 06/29/13 08:01 PM Re: Payment of Prior Year's RE Tax Wonderofitall
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
What say me - I say you have a fool of a loan officer for swapping the inability to pay other debts and obligations with another loan that is not going to be paid on which you are going to end up taking their house from them. Whatever you do, you better do it correctly, as this is a train running full speed on a track that ends soon.
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#1829199 - 07/01/13 02:11 PM Re: Payment of Prior Year's RE Tax Wonderofitall
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Other than I agree with Randy, it would not go on page 2, IMHO, it would go on page 1 of the HUD along with everything else you are controlling payment of...(I hope you are controlling payment).
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#1829305 - 07/01/13 05:44 PM Re: Payment of Prior Year's RE Tax Wonderofitall
Wonderofitall Offline
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Wonderofitall
Joined: Sep 2010
Posts: 207
Out West
Thanks to both.
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