Payment change on a 30yr fixed?

ludacrous999b · Joined: 20 Sep 2008 Posts: 1 1.38 Dollars($)

I signed a 30yr fixed at 6.375 last november. in three months the payment went from $968 to $1298. The paperwork I recieved said said I had an escrow shortfall, we got behind, paid off the delenquiency AND calle dto find out the shortfall and paid that off, even then they said the new payment was $1168. They said when the loan was made things wernt taken into account. How or who do I speak with to find out if this is legal, or right, or wrong... I'm confused as to how my payment went from $968 on my paperwork to $1168 in three months (not including the escrow shortfall). I tried speaking with BofA and they say "taxes" but how is it legal to change my payment so drastically?

Guest 0.10 Dollars($)

Hi ludacrous999b !

As far as my knowledge is concerned, when a loan is granted everything is taken into account. It is wrong to say "things wernt taken into account". I believe you should speak to an attorney regarding this and take up the necessary steps.

gmakerley · Posted: Mon Sep 22, 2008 7:24 am Post subject:

errors get made on loans all the time. that's not to say you shouldn't be vigilant in getting to the bottom of this situation, but that it is entirely possible for the escrow account to have been handled incorrectly.

stay on top of it, of course, and ask for full documentation of the situation. retaining counsel at this point is probably not useful.

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