Posted on: 28th Mar, 2010 10:54 am
My mortgage bank has just advised me that ooop's we screwed up and have not been charging you enough in your payment amount to pay your property taxes and insurance and haven't for the past 6 months. Now my home payment has gone up $509. per month for one year to pay back the $3,000 + that this banks escrow dept screwed up in the first place. I can't afford a monthly increase of this large amount to fix a problem I did not create!
Hi Guest,
I can understand that it is the lender's fault that it did not inform you about the correct payments to your escrow account. However, if you do not pay the said amount of $509, your property taxes and insurance will not be paid off on time and this will have a negative impact on your property. There can be a tax lien placed on the property and you may have to sell off the property. I would suggest you to have a word with your lender and ask him to reduce the payments so that it can become affordable for you to pay it off. In turn, the lender may increase the term for the payment of the delinquent escrow amount.
Thanks
I can understand that it is the lender's fault that it did not inform you about the correct payments to your escrow account. However, if you do not pay the said amount of $509, your property taxes and insurance will not be paid off on time and this will have a negative impact on your property. There can be a tax lien placed on the property and you may have to sell off the property. I would suggest you to have a word with your lender and ask him to reduce the payments so that it can become affordable for you to pay it off. In turn, the lender may increase the term for the payment of the delinquent escrow amount.
Thanks
