Reply #23: After a refinance in 1996... [View All]

...and we were just below 20% equity, so the bank set up escrow automatically: the refinancing BANK missed the summer tax payment during the refinance. It might have foreclosed our home had we not caught it...but then we didn't catch it until 1999! It was awful. Lots of penalties we should NOT have paid. A lawyer agreed that the bank was at fault, but said suing them would cost us more in attorney fees (than the penalties on the real estate) to prove our case. Yay. In retrospect, I should have sued and asked reimbursement for attorney fees. I didn't, and it's over now.

That said, the MINUTE we had enough equity, we pulled the taxes, insurance, etc., back. No way do I trust those people with my home. We pay it all ourselves and check the insurance plus the tax rolls for city and county every year to make sure we're paid up. No problems since.