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Your Mortgage Company May Pay Your Taxes — But You Still Need to Watch
By Maria Pappas, Cook County Treasurer
Every year, my office mails more than 1.8 million tax bills to property owners across Cook County. If you have a mortgage, your lender may collect money from you each month and put it in an escrow account to pay your bill.
But don’t let convenience cause you to let your guard down — mortgage companies make mistakes.
Just because your lender handles the payment doesn’t mean you’re absolved of responsibility.
That’s why it’s important to make sure your tax obligation to Cook County is met.
It’s also why the Treasurer’s Office sends bills directly to property owners, not mortgage companies because you’ll have to pay the fees if a payment is late.
And mistakes arise every year. Without fail, thousands of homeowners run into problems when lenders mishandle escrow accounts. Some firms pay late. Some pay on the wrong Property Index Number or PIN and some simply don’t pay. If you don’t notice an error, it could cost you. In seriously delinquent cases, an unpaid tax debt can cause your property to be listed in the annual state-mandated tax sale which adds costs and endangers ownership.
The good news is protecting yourself is simple. Start by safeguarding every property tax bill we send. Then take a few minutes to compare your bill with your mortgage company’s latest statement. After each tax installment due date, visit cookcountytreasurer.com, click on the purple box and enter your address or PIN to confirm the payment. If it hasn’t posted, call your lender immediately. Remember, the bill shows Cook County’s official record. If the payment doesn’t appear, it wasn’t received. Don’t assume your mortgage company correctly made the payment.
State law requires mortgage companies to reimburse homeowners for interest and fees when they make mistakes. So, if your taxes are paid late, or if the wrong PIN is used, your lender owes you an explanation and potentially money. But you must first catch the mistake. That’s why my office emphasizes homeowner oversight. Think of your escrow account as a tool, not a reason to ignore your tax bill.
If you’re like most Americans, your home is your most valuable investment. Letting someone else manage your property tax payments without checking their work is a risk. So, examine your bill and if necessary, call your lender. Being proactive can possibly save you thousands of dollars. That’s why at the Cook County Treasurer’s Office, we’ve made it easy to see whether your taxes were paid on time. Go to my website at cookcountytreasurer.com and type in your PIN or address. There you can see whether your taxes were paid on time.
Escrow accounts simplify the process, but remember the ultimate responsibility is yours. Don’t assume. Verify because the proverbial “taxman cometh.” And when he arrives, you want to be paid in full.
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Hanania also writes about Middle East issues for the Arab News, and The Arab Daily News criticizing government policies in the Israeli-Palestinian conflict.
Hanania was named "Best Ethnic American Columnist" by the New America Media in November 2007, and is the 2009 recipient of the SPJ National Sigma Delta Chi Award for column writing.
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