When you have a mortgage on your house, the mortgage company will typically include required payments like taxes and insurance in your monthly bill.

This TikToker was recently notified that her mortgage company, TD Bank, was no longer going to collect taxes, leaving her in a difficult financial position.

In the video, she says, “I have a mortgage with TD, and my banking with TD, and last week I got a letter that was dated October 21st and it says, ‘Important changes to your property tax component of your TD mortgage.'”

She says that this made her nervous, and then went on to read more of the letter, “We are reaching out to let you know that TD is discontinuing the collection and payment of your property taxes on your behalf.”

Wow, that is weird.

She finds that it will kick in later in the year. TD even refunded her the money she had already paid.

Luckily, this TikToker was smart enough to get in touch with her town to ask what was happening.

The town replied and said, “Oh, you must bank with TD. They’ve abolished their property tax program. They are no longer collecting and paying property taxes. But fear not, we can set you up on monthly payments so that you don’t have to come up with a lump sum.”

That is nice that the town makes it easy for her, but why should she have to deal with it at all?

This is a standard aspect of almost all mortgages because the mortgage companies want to make sure the houses they are lending for stay up to date on the taxes and insurance.

Well, this TikToker has a theory on why they might do something like this.

She explains, “Now listen, I’m trying really hard not to wear a conspiracy tin foil hat, but what an effective way to be able to foreclose on people’s homes.”

She then explains that they have had this system for decades, and now they have lots of mortgages with low interest and lots of equity where TD is not making much money on them, so if they can make this change and get people behind on their taxes, they can foreclose and either get the property or at least get it back on the market so someone else will have a mortgage with a higher balance and interest rate.

Wow, if that is their reasoning for this type of change, it is insane and they should be stopped.

I certainly hope my bank doesn’t do anything like this, I’ll have to keep an eye on any statements from them.

Make sure you check this important video out for yourself.

You can see the full video here:

@knittyknits

#greenscreen ATTN TD BANK CUSTOMERS

♬ original sound – Knitty

Read through the comments as well:

This person says you shouldn’t trust a bank to handle taxes on your behalf.

Here is someone who says you shouldn’t have to prove anything to TD.

Good question, if TD was holding her money, where does the interest for it go?

This whole thing seems like a scam.