Compare Mortgage Quotes

Guest

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!

adonis · Posted: Thu May 07, 2009 11:32 pm Post subject:

Hi Dnumb,

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.

gmakerley · Posted: Fri May 08, 2009 7:05 am Post subject:

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.

Guest

Please help... can a seller cancel escrow?

jameshogg · Posted: Fri Jun 05, 2009 9:27 pm Post subject:

Hi Guest,

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.

Thanks

Guest

Beware I had no notification of this and its true Northern capital is in liquidation and they also raised my ins last year $300 which has made chase increase my morgage by $70 per month. which is far too much. Last year Cahse returned almost a thousand dollars to me for over paying my escrow. I calculated my escrow is only $200 dollars short for the next year. However chase tells me i have to have a balance of more for insurance of payments. They will not allow me to cancel the escrow account and pay my savings account with them instread. I have been told i will have to refiance which will cost over $2000

Guest

The lender may have returned the escrow overage as your last years property taxes must have been lesser compared to this year. Your taxes must have increased this year and thus, they are charging extra amount for your escrow account.

Guest

As the buyer, if I cancel the purchase and escrow what fees do I have to pay?

adonis · Posted: Sun Sep 05, 2010 11:28 pm Post subject:

Welcome Lullu,

You might not get back the fees and monies that you've paid till date if you cancel the deal now.

gmakerley · Posted: Thu Sep 09, 2010 10:19 am Post subject:

Lullu, if you tendered an offer on a property, it gets accepted, and you simply change your mind, you are unlikely to receive any refund at all. If you're using a real estate agent, that person can inform you fully on this matter.

Guest

Hi
I wasn't able to get FHA loan approval, so I signed cancellation paper.
but I have not received the refund check.
What should I do?

jameshogg · Posted: Tue Dec 28, 2010 9:19 pm Post subject:

Hi j,

You should contact the lender and ask him to send you the refund check asap.

Thanks

gmakerley · Posted: Wed Dec 29, 2010 12:36 pm Post subject:

J - I gather that you are speaking of a contract to purchase property, right? If that's the case, your realtor and the seller's realtor ought to be able to help you out. And, of course, if you don't get satisfaction, your lawyer can step in and assist you.

You didn't mention a timeline, so if it's only been a few days, a week, etc. then it's not too surprising for a slight delay. If it's longer, you need to get on somebody's back about it.

Guest

The mortgage company made an error in the analysis of the account? Why is it that I have to pay for their error? They raised my mortgage payment by $400. What can I do? I have a VA loan.

adonis · Posted: Sun Mar 06, 2011 10:42 pm Post subject:

Hi Phoebe,

Well... if there has been an escrow shortage, then you will be liable for paying it. I don't think you can do anything else.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours
Previous 1, 2, 3 Next
Page 2 of 3

Compare Mortgage Quotes

Cancel escrow account