Posted on: 26th Jun, 2007 08:46 am
if my escrow has gone up because of of miscalculation at closing and I don t have enough to pay next month what can I do . I only have enough to pay original mortgage and escrow of 2450 not 3800
What type of miscalculation resulted in increase in escrow payment? And what the mortgage company is saying on this? Are they not willing to reduce the amount despite knowing that because of miscalculation the figure is more than what it should be?
Hi Kgmncobra,
You need to know if the escrow lender is requiring is as per the maximum amount that is allowed under RESPA. How it can be calculated is given on this page: Figuring Escrow Accounts
If lender is requiring more than what is allowed under RESPA then ask them to explain why it is so high.
As per Section 6 of RESPA you can make a "qualified written request" for anything that concerns servicing of your loan account. You should not include the request with the monthly mortgage payments. Send it separately.
Your request is required to be acknowledged by your lender within twenty business days & has to resolve it within sixty business days by giving you a statement about your accounts position or correcting the account.
If you are not satisfied with the reply given by them then you can file a complaint with HUD.
Colin
You need to know if the escrow lender is requiring is as per the maximum amount that is allowed under RESPA. How it can be calculated is given on this page: Figuring Escrow Accounts
If lender is requiring more than what is allowed under RESPA then ask them to explain why it is so high.
As per Section 6 of RESPA you can make a "qualified written request" for anything that concerns servicing of your loan account. You should not include the request with the monthly mortgage payments. Send it separately.
Your request is required to be acknowledged by your lender within twenty business days & has to resolve it within sixty business days by giving you a statement about your accounts position or correcting the account.
If you are not satisfied with the reply given by them then you can file a complaint with HUD.
Colin
If it was because of your mortgage company mistake in the calculations then they cannot ask for the increased escrow payments.
How they miscalculated it anyway.
It is a pretty large difference from what it actually should be of around $1350. That’s a lot for me.
You should file a complaint with Department of Banking in your state if they do not agree to reduce the amount to what the actual amount comes to as per calculations.
How they miscalculated it anyway.
It is a pretty large difference from what it actually should be of around $1350. That’s a lot for me.
You should file a complaint with Department of Banking in your state if they do not agree to reduce the amount to what the actual amount comes to as per calculations.
Hi kgmncobra,
I can feel in what state of mind you are. Immediately consult with your lender and try to re-calculate the payments. I am sure he will surely understand your problem as the fault is not from your end.
I can feel in what state of mind you are. Immediately consult with your lender and try to re-calculate the payments. I am sure he will surely understand your problem as the fault is not from your end.