Posted on: 20th Mar, 2009 05:06 am
a little over a year ago, i was stressing big time because my house was in foreclosure. luckily, three days before the sale date, america's servicing company agreed to modify my mortgage and everything has been good. well, that is until i received my escrow statement. i have a projected $900+ shortage, so my mortgage will be going from $674 to $844! i find it very hard to believe that they can do this! i read in other threads where my property tax may be to blame for this, so i am going to contact my assessor's office to find out how much property tax has gone up.
i guess my question is, what do i do now??? i could pay the $844, but i absolutely hate the way this company does business and i think everything they do is crooked. is there any way i can continue to pay the $674 and not be tossed back into foreclosure (something i never want to go through again)? is the $674 considered a partial payment? if i decide to shop around and find cheaper homeowners insurance and apply for homestead exemption, can this lower my mortgage payments? i can't refinance due to a low credit score (not sure how low it is, but i know it's pretty low after the foreclosure scare last year).
i am totally confused, but i know there are wise people in this community, so i will patiently await yalls advice.
michelle
i guess my question is, what do i do now??? i could pay the $844, but i absolutely hate the way this company does business and i think everything they do is crooked. is there any way i can continue to pay the $674 and not be tossed back into foreclosure (something i never want to go through again)? is the $674 considered a partial payment? if i decide to shop around and find cheaper homeowners insurance and apply for homestead exemption, can this lower my mortgage payments? i can't refinance due to a low credit score (not sure how low it is, but i know it's pretty low after the foreclosure scare last year).
i am totally confused, but i know there are wise people in this community, so i will patiently await yalls advice.
michelle
this is really a tough situation for the person who want to pay but not able to do so due to bad circumstances.i can understand how it feels to go through the trouble of 'paying extra' when the things are not according to your terms.
i think you can go for the govt aid as i do not find any good alterative to your problem.(foreclosure,bad credit score etc. so less hopes of refinance))
i need some research on the issue.i will come back with a good solution. :wink:
i think you can go for the govt aid as i do not find any good alterative to your problem.(foreclosure,bad credit score etc. so less hopes of refinance))
i need some research on the issue.i will come back with a good solution. :wink:
michelle, please don't wait for manoj's "good solution."
a shortage in your escrow account would certainly be due to increased taxes. yes, by all means, check with your tax department to see what took place.
paying your reduced amount would be considered a partial payment, yes. that's not going to do you any good. a mortgage company must ensure that taxes are paid, as the take precedence over the mortgage in every case.
check with your lender again and see if there's any chance of an additional modification in your mortgage payment.
a shortage in your escrow account would certainly be due to increased taxes. yes, by all means, check with your tax department to see what took place.
paying your reduced amount would be considered a partial payment, yes. that's not going to do you any good. a mortgage company must ensure that taxes are paid, as the take precedence over the mortgage in every case.
check with your lender again and see if there's any chance of an additional modification in your mortgage payment.
