Posted on: 26th Sep, 2011 07:29 am
When I got my loan last year the bank took the maximum 1/6 extra of the escrow they are permitted for the value of the house when the PREVIOUS owner purchased it. I paid 20% less for the house. I sent them a letter showing the taxes would be for a house valued at 20% and that I received back almost 1/3 the amount I paid for taxes into the escrow. They said "we will re-evaluate that and lower the payment next year, they payments are set for the year and can't be changed.
Now it is time for my re-evaluation and they raised my escrow. They are still calculating at the higher house value. They told me the same thing they did last year, next year they will re-evaluate. They won't fix it. I will be paying approximately 1/3 over the actual needed escrow funds. I am on tight funds, that extra amount will kill me. I need to have a medical procedure, I was really needing to have the extra amount back, not extra out.
Who can I report the bank to? They are knowingly keeping.
Now it is time for my re-evaluation and they raised my escrow. They are still calculating at the higher house value. They told me the same thing they did last year, next year they will re-evaluate. They won't fix it. I will be paying approximately 1/3 over the actual needed escrow funds. I am on tight funds, that extra amount will kill me. I need to have a medical procedure, I was really needing to have the extra amount back, not extra out.
Who can I report the bank to? They are knowingly keeping.
Hi Guest!
Welcome to forums!
You can report the bank to FTC and the BBB. You should also request the lender to re-evaluate the escrow immediately so that you don't have to pay the extra money to the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can report the bank to FTC and the BBB. You should also request the lender to re-evaluate the escrow immediately so that you don't have to pay the extra money to the lender.
Feel free to ask if you've further queries.
Sussane
one possibility is to refinance.
if current rates are less than the rate you have, you kill two birds with one stone.
you get a lower payment if the rate is lower and a lower payment still more if the new tax escrow payment is much lower.
if you can not or will not refinance, you are stuck corresponding with the existing servicer of your loan.
if current rates are less than the rate you have, you kill two birds with one stone.
you get a lower payment if the rate is lower and a lower payment still more if the new tax escrow payment is much lower.
if you can not or will not refinance, you are stuck corresponding with the existing servicer of your loan.
I have a low rate already John, it is only 4.3%, although with my credit rating I probably could get a slightly lower rate.
Regardless knowing mentioning the FTC helped. My payment was lowered to beneath my original payments, actually within the legal % the are permitted to keep now. It took several calls, and they would not work with me until I mentioned the FTC.
It will beneficial to them, since I can keep making my house payments.... something I can't guarantee with the amount they raised it, my health is my health....
Regardless knowing mentioning the FTC helped. My payment was lowered to beneath my original payments, actually within the legal % the are permitted to keep now. It took several calls, and they would not work with me until I mentioned the FTC.
It will beneficial to them, since I can keep making my house payments.... something I can't guarantee with the amount they raised it, my health is my health....
Glad you got somethinjg done.
Good luck!
Good luck!