Posted: Thu May 07, 2009 4:18 pm Post subject: Chase / escrow / increase / refund
I have my mortgage through chase. 2 weeks ago they told me i had too much money in my escrow account and sent me a check. Today i got my usual mortgage statement and they have increased my mortgage/escrow payment by 300.00 per month! Our house is a new build. It has assesed for 60K less then the purchase price in less than a year. There has been No increase in our taxes. So if my house is worth less money and the taxes have no increased would one assume that my payment should go down based on the assesment coming in soooo much lower than my purchase price? Im confused and quite angry. HELP!
As far as the payments are concerned, they won't go down. But as you have mentioned that your property taxes have not increased, I don't think your escrow payments should increase. You should contact your lender and ask him to clarify the issue. _________________ Procrastination is the enemy of your financial sucess
undoubtedly, you need to have a discussion with the servicing department.
new construction leads to confusing tax estimates, and it's not surprising that there would be shortages at any point. why there was an overage in your escrow account is a bit surprising, though. i'd guess that you won't have much success at this time in having your payments recast, but it's worth your trouble to call them and find that out. _________________ George M. Akerley
Loan Consultant
860-221-5044
questions101 Guest
Posted: Fri Jun 05, 2009 8:23 am Post subject: Camcel Escrow
Escrow account is created by the lender on behalf of the borrower. The borrower puts some extra money in this account so that it can used during emergency. The seller cannot cancel the escrow.
adonis
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