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Lauren Said:

Will Well's Fargo work back-assessed property taxes into mortgage modification?

We Answered:

Yes, you are asking too much. Obviously, there was a discrepancy at some point, which has now been disclosed. Highly unlikely that it is "risky practices" on Wells Fargo's part, mistakes happen. Perhaps your property has two tax lots and you have only been taxed on one until this point, but who knows? You might bark up the tree of title insurance and such, but I doubt this was a title discrepancy, it is not an issue of clouded title, it is the amount that is escrowed for your taxes, which is not sufficient. When you took out the mortgage, I am confident you signed documents that stated that you would work with the bank if errors were discovered on anything, and guess what, here you are.

I don't know how you think you could "work this out" since you automatically shift into this deficiency would send you into bankruptcy and foreclosure. Do you want them to eat this amount every year? If not, what do you propose? There would have to be some repayment plan in place, but apparently you are not in a position to do this.

I suggest you engage in a conversation with them ASAP and try to come to some amicable solution.

Clyde Said:

Salvage title?

We Answered:

Your insurance rate shouldn't increase. And your title and registration should not be more. In fact, your yearly taxes should be less, because the car is worth less than one with a clean title.

I don't know your situation, but a salvage title makes most sense either if (1) you get an incredibly good discount compared to a non-salvage car or (2) you plan to keep it until the end of its life. Reselling a car with a salvage title can be very difficult.

Good luck.