Posted on: 21st Feb, 2009 10:00 pm
Hi, I live in Texas..I bought my home February 2008. I have a VA loan..my mortgage loan has been sold 1 time..The lender we are currently dealing with has had our loan since March 2008..Just this week, I received a letter stating my payments were going up 300.00 a month because I didn't have the extra money in our escrow account that they required..And sent me a letter stating what extra we needed in our escrow account.. given less then 10 days choice, to pay the full amount or it will be included in our monthly payments (divided to cover the next 12 months)...My question to you please, can a lender keep their policy requirements from the borrower for 11 months & then request you pay them this money.. This letter was dated January 27th, it doesn't take a month to get the mail.
What are the laws concerning this?
What are the laws concerning this?
Hi jdtrvlr,
It is duty of the lender to inform the borrower about the escrow account in details. It is illegal if your lender has not informed you about the escrow account in details. However, it is true that the lender may demand extra amount if your escrow account does not have the required amount.
It is duty of the lender to inform the borrower about the escrow account in details. It is illegal if your lender has not informed you about the escrow account in details. However, it is true that the lender may demand extra amount if your escrow account does not have the required amount.