Once Home Goes Up on Land, Taxes May Too

Chicago Sun-Times | August 25, 1995| | Copyright

Q. About a year ago we built a $150,000 home. We were very happy with the house and the mortgage. With an interest rate of only 7 percent, we thought everything was perfect.

Now we received our new mortgage booklet, which shows a huge shortage. I don't understand how they could have estimated so low. The mortgage company also gave us only two weeks to pay it.

Many neighbors told us this also happened to them. What can be done to avoid this happening? The first year in our new home was a big expense. We didn't need this to happen.

A. If you haven't asked your lending institution or the ...

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