Posted on: 09th Jun, 2010 09:23 am
Hello,
I bought my home in July of 2008 and was just notified a month ago that the original escrow calculation was wrong. I have County, School, and MUD taxes in my subdivision. The Original loan company only setup county taxes. I called and they said "dang the bad luck, we had the tax certificates and are aware that there should have been 3 taxes" The loan was sold to Wells Fargo months after the home purchase. They say that in Dec 2008, the builder had paid all the taxes for the year. In December 2009 they realzed the mistake when the escrow account was $8,000 short. Their response was "your paymnet will go from $2,100 to $3,200 in a month to adjust for the actual taxes and past shortage.
My question is who can be held accountable for the mistake. The mortgage company admits they made a serious mistake but they no longer own the loan. Should this been checked by the Title company when we closed?
Thanks in advance for your help
I bought my home in July of 2008 and was just notified a month ago that the original escrow calculation was wrong. I have County, School, and MUD taxes in my subdivision. The Original loan company only setup county taxes. I called and they said "dang the bad luck, we had the tax certificates and are aware that there should have been 3 taxes" The loan was sold to Wells Fargo months after the home purchase. They say that in Dec 2008, the builder had paid all the taxes for the year. In December 2009 they realzed the mistake when the escrow account was $8,000 short. Their response was "your paymnet will go from $2,100 to $3,200 in a month to adjust for the actual taxes and past shortage.
My question is who can be held accountable for the mistake. The mortgage company admits they made a serious mistake but they no longer own the loan. Should this been checked by the Title company when we closed?
Thanks in advance for your help
Welcome rlbphoto,
The original mortgage company had made the mistake in calculating the dues incorrectly. I don't think the title company should have checked it. Rather the new mortgage company should have checked it while they took over the loan.
The original mortgage company had made the mistake in calculating the dues incorrectly. I don't think the title company should have checked it. Rather the new mortgage company should have checked it while they took over the loan.
I am currently going through the same thing and looking for legal recourse.
Any help is appreciated.
Any help is appreciated.
Hi TerryH,
Please explain your query in details. It will help me as well as other members to give you suggestions.
Please explain your query in details. It will help me as well as other members to give you suggestions.
Hmm.. You have to let a mortgage broker exam your case. You need to tell more details and that might help you solve your problems as well.
Mortgage brokers won't be cognizant of escrow analyses. Where does that recommendation come from? Is there some sort of expertise here that we ought to be aware of? I'm baffled, frankly.
