My morgage company keeps getting the information in my escrow wrong. I have tried calling but just ended up with someone who wouldnt listen to what I was trying to explain, she only knew what the computer in front of her was saying. My taxes were broken down to two different times during the year, one large sum in March which I had to persue them to pay eventhough my morgage states the bill was sent straight to them, and the second time is in October which is less than $100.00. They are trying to raise my escrow which is raising my morgage by $200.00 a month because they state that the taxes paid in March were unexpected expenses and still show me owning the large sum in October. Plus they over estimated my insurance payment by over 150.00. I have papers from both the local tax department and my home owner insurance which I have faxed to the escrow department, but I keep getting the same wrong bill. What can I do????
2006-08-15 15:31:26 · 7 answers · asked by southernyankee 2 in Business & Finance ➔ Renting & Real Estate
check to see if you will be allowed to pay your taxes and insurance yourself, if you have enough equity usually around 25% or more you should have this option, the only problem most people have is putting money aside to pay the bills when they come
2006-08-15 15:39:18 · answer #1 · answered by Kato 3 · 0⤊ 0⤋
Federal laws (RESPA) only allow them to keep a two month "cushion" in your escrow account. In Florida, they MUST pay your insurance and taxes so that you get the maximum discount available. If you feel they are keeping more than this, or not paying your taxes on time, you need to file a complaint with your state regulatory agency, usually the Department of Banking and Finance or the Attorney General's office. If they are not the correct agency, they can direct you to the correct one.
2006-08-15 15:39:48 · answer #2 · answered by what the heck? 3 · 0⤊ 0⤋
They are violating RESPA, which only allows a two month cushion, not to mention engaging in bad business practice. Where you are is a real factor, but talk to whatever state department regulates mortgage lending in your state (In California, it's Department of Real Estate). Complaints against RESPA are taken very seriously, and can jeopardize licensing and put the company out of business.
2006-08-15 19:07:01 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Take the information you have with you and go to the office of the mortgage company to explain your situation to one of the loan officers, not a clerk. Make an appointment ahead of time. Face to face may well help you get heard. If that fails, contact an attorney.
Good luck!!
2006-08-15 15:42:38 · answer #4 · answered by No one 7 · 0⤊ 0⤋
Unfortunately that is a rather common occurence, This crap happens to me about once a year on one of my Chase Mortgages... Don't give up the fight and make sure you document any exchanges with these people and certify every piece of mail you send then go complain to the BBB so they end up having to figure out their own issues!
2006-08-15 15:38:27 · answer #5 · answered by Smarty Vero 3 · 0⤊ 0⤋
reading your story remind me of myself . the same story happen to me 2 months ago. don't give up on calling to your bank, because maybe you get lucky, finally you will talk with somebody who will know how to fix their mistake. (after 5 conversations finally they put everything in order) ask for the manager if you get frustrated with them . you should also write the letter to the bank with the complain, include with your letter copy of your mortgage statement, tax bill and everything it will help you to prove them wrongif you can, talking with your loan officer willdo nothing for you, because they dilling with this bank from different end and they are not familiar with costumer service.
good lucks,
2006-08-15 16:07:29 · answer #6 · answered by bianca 4 · 0⤊ 0⤋
Speak with someone at the better business bureau or contact an attorney
2006-08-15 15:38:15 · answer #7 · answered by Elizabeth 6 · 0⤊ 0⤋