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Escrow Payment Going Up |
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2 years ago we refi with our mortgage company. I received a low fixed interest rate. Monthly payments where to be the same as the previous mortgage. One year past and the mortgage lender came back and said they made an error on escrow (they weren't taking enough out) and that I had to pay them the past years escrow and once that was done my current mortgage payment would only increase by $500 per monthly. ONLY $500 this is not what I agreed to. Is there anything I can do. It is killing my credit. |
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You did agree to keep that escrow payment healthy enough to meet your property tax and homeowners insurance bills. That's your own money they're handling, for bills you owe. You will have to reimburse the mortgage company for the extra they spent on your taxes and insurance premiums, and you will have to put in more each month from now on. I'm afraid it's money you do owe, and you did agree to it when you took out the loan. Sorry about that. |
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Edith
Originally published on July 29, 2007 |
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