Bond Payment

[howardandsheila]

I'm just a little confused by the bond structure and payment process. Does the bond payment come out of my mortgage payment. (Assume it does, as I don't get "bond bills")
If so, is it part of the principle on the home loan, part of interest payment, or part of tax bill??
If I pay off the mortgage, is the bond included in the payoff amount?
Thanks for any insight someone may have.
Have a great Villages day.

[graciegirl]

Here is one of many prior threads on this issue.

https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/bonds-whats-real-deal-111751/

You just type in bond payment in the search option above and you will find many, many, posts on this subject.

[Bogie Shooter]

I'm just a little confused by the bond structure and payment process. Does the bond payment come out of my mortgage payment. (Assume it does, as I don't get "bond bills")
If so, is it part of the principle on the home loan, part of interest payment, or part of tax bill??
If I pay off the mortgage, is the bond included in the payoff amount?
Thanks for any insight someone may have.
Have a great Villages day.

Didn't your loan officer explain this? Should be part of your escrow, as it is a part of the tax bill.

[Schaumburger]

I cut and pasted this from The Villages Community Development Districts bond FAQ's:

How do I pay for the Bond Assessment if I don’t pay it in full?

These assessments are scheduled to be repaid in annual charges that are in the Non-Ad Valorem section of your county property tax bill until they are paid off. The annual assessment includes principal, interest and an administrative fee.

The web site is: Village Community Development Districts (http://www.districtgov.org) if you want more info.

[howardandsheila]

Thanks GG. Found more than I even wanted to know. Bottom line is it is included in the tax bill each year and paid out of escrow. Not in the home mortgage payment itself. So once the mortgage is paid off, the bond is not. Separate organization from the mortgage company. And there is initial bond to pay for infrastructure, and a continuing bond payment to maintain such infrastructure.
Appreciate the link.

[howardandsheila]

Thanks Bogie Shooter and Schaumburger. You helped confirm what I read. Just a different arrangement than I've ever experienced. Not good, not bad, just different.
Appreciate the guidance.

[Schaumburger]

Thanks Bogie Shooter and Schaumburger. You helped confirm what I read. Just a different arrangement than I've ever experienced. Not good, not bad, just different.
Appreciate the guidance.

You're welcome. Until my friend bought a home in TV a few years ago, I had never heard of a bond as bond assessments do not exist in the Chicago area.