Posted on: 02nd Jun, 2010 10:15 am
Our escrow acct recently shot up due to chase stating that is was due to a "shortage" which is not true. Do we have the option of paying our homeowners and prop tax ourselves and not have to deal with the escrow?
Hi jspears,
You will have to pay off the escrow shortage first. As far as canceling the escrow account is concerned, then you need to contact your lender in this regard. It will be his discretion whether or not he will be ready to cancel the account.
You will have to pay off the escrow shortage first. As far as canceling the escrow account is concerned, then you need to contact your lender in this regard. It will be his discretion whether or not he will be ready to cancel the account.
i am going through the same thing for the 3rd time what came out of this problem?
My son has same problem this year. Chase didn't put escrow in his account for April and then when they started to figure the future escrow they said they started with the April balance (which was really the March balance since they added nothing for escrow for April) and then he was 1 month short. We called and started with May 2010 balance - go through 12 months of escrow (suppose to be 12) minus actual insurance and taxes and he is still $282.75 short which is one month of escrow. Have called 3 times about this and they act dumb. When I got one to own up to she was seeing what I was she then put me on hold and wouldn't admit it any longer and said all she could do was put in a work order and have the escrow department go back over it and send a new statement. She also tried to tell me that what we had was incorrect. Are you kidding me - this is what they are figuring the escrow off of and now they claim the numbers were incorrect. All I can say is I told my son not to do escrow - he paid more than 20% down so didn't have to do it. He is now seeing why. If they don't resolve it, we will be going to the local news channel.
Bottom line - I think anyone with Chase escrow should carefully check their escrow for the upcoming year. They made a mistake on my son's. It is clear there is a mistake. When you start with the balance and add 12 months of escrow payments and minus actual insurance and taxes, then you should be left with the amount that Chase says they are starting your escrow analysis with - if not, they have missed something. If they have done that to everyone - they are really getting RICH.
You have to settle with your escrow first and then consult for an expert's advice regarding your situation. You need to give more details about it in order to weigh things out and come up with the most suitable solution to your problem.
