Our original mortgage when we bought our existing home was with Company X.
Our original mortgage when we bought our existing home was with Company X.
Our original mortgage when we bought our existing home was with Company X. Five years into the loan, we refinanced with the same company (Company X). We recently received notice that our escrow account will have a shortfall of ~ $3000 by July 2012, and that we can either submit a lump sum or allow our escrow payments to increase to cover this. Upon further examination, we've learned that Company X miscalculated the payoff when we refinanced, and that they took approx $3,000 from our escrow account to cover the difference. Please let me know if you agree that this is not permissable by law. Thanks.
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Hi Guest!
Welcome to forums!
Miscalculations do take place on the lender's part at times and they can use the money in the escrow account to cover up the difference. You can pay the delinquent account and bring the escrow account current. If you think that this was done by the lender deliberately, then you may take legal actions against them. For that, you can contact an attorney.
Feel free to ask if you've further queries.
Sussane
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THANKS for the insight. Quick question, not to be disrespectful: I tried to locate your background on here but didn't find it....can you please let me know if you're an attorney, work for a mortgage company etc? Your answer makes sense but I'll greatly appreciate knowing a bit about your background. Thanks again.