Posted on: 30th Dec, 2009 06:14 am
Chase just refi'd my mortgage and screwed up the escrow account. They were supposed to collect for taxes only but are collecting for hazard insurance as well. Additionally, they used 2008 tax data and are impounding for taxes alerady paid. They refuse to review the acount until 10/2010. Can I make them or cancel the account? Is there law somewhere I can reference???
doug, i doubt you have much recourse. they'll have enough difficulty selling your loan without an escrow account.
just stash away what you'd be sending them and you'll have the funds to pay the taxes when they become due. then next fall, you can begin paying by escrow.
either way, you owe the taxes and you'll be paying them - either directly or through chase.
just stash away what you'd be sending them and you'll have the funds to pay the taxes when they become due. then next fall, you can begin paying by escrow.
either way, you owe the taxes and you'll be paying them - either directly or through chase.
yes, i acknowledge it's annoying, but you need to make the best of it, i'm afraid.
They are overcollecting and I doubt they're selling the loan and impounds shouldn't be required in my case anyway.
wow...i misread your entire original post, doug. you do have an escrow account, and i answered as if you didn't. i don't know where i was when i did that.
but i don't get this: "they're overcollecting..." and "they used 2008 tax data..."
did your taxes decline in 2009? that seems to be what you're driving at.
as for secondary market, chase is a major player and i would be willing to guess that it's a 95-100% chance your loan will be sold. virtually every mortgage written in america is subject to escrow for tax and insurance - why do you say yours should not be?
but i don't get this: "they're overcollecting..." and "they used 2008 tax data..."
did your taxes decline in 2009? that seems to be what you're driving at.
as for secondary market, chase is a major player and i would be willing to guess that it's a 95-100% chance your loan will be sold. virtually every mortgage written in america is subject to escrow for tax and insurance - why do you say yours should not be?