Submitted by heart.typer1 on Fri, 09/09/2011 - 10:54
Shortage in Escrow-doubling payments
Shortage in Escrow-doubling payments
We just got a letter in the mail stating we have not had enough in our escrow account for the last year. Now we have to pay almost $8000 in less than a month and still have our payment go up by almost $500 or dont pay the $8000 and have our payment more than double from about 1220 each month to 2500 each month. there is no way we cand do either option. We dont have $8000 sitting around and cant afford the double payments for the next year to make up on escrow. We also cannot refinance because we have claimed bankruptcy. Are there any options for us??
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Welcome heart typer,
Unless you pay off the delinquent escrow payments, it will be difficult for you to save the property. I will suggest you to contact your lender and let them know about your financial hardship. You should convince them and negotiate with them so that they can give you a better and affordable payment plan to pay off the debts.