[u:9183701741]Background.[/u:9183701741] I purchased a home using the builders in-house mortgage co (another thread another discussion), The loan was bundled and sold to a large lending institution. Before the loan was sold, the brand new house started to have issues. Once the new lender was in receipt of the loan, I informed them and their quest to get the builders mortgage company to buy it back failed. My house continued to crumble, and subsequently in June 07 I lost my homeowners. I cannot be insured by anyone, including the state fair plan because the house is structurally defective. (I have been trying since July 06 to get the builder to buy the house back - still working this).
I [u:9183701741]do not[/u:9183701741] have an escrow the lender for taxes and insurance. I pay them on my own. So the amount I pay each month is the mortgage payment that I signed and agreed upon.
The lender, and so they say, can place forced insurance on my house. So they did. The amount was 6 times the amount I was paying when I did have insurance. Since I have been fighting the builder, have obtained an attorney, I did not remit payment for their ridiculous insurance, which BTW only covers the amount they paid for the loan (my loan balance plus whatever they had to pay in addition to) This amount only covers the structure and nothing else.
[u:9183701741]Issue at hand[/u:9183701741] I pay my mortgage on line the first of each month. When I went to pay my mortgage the other day, I noticed that my payment on my loan was increased almost $300. I was not notified that my mortgage payment would go up nor did they did not notify me verbally or in writing that they established an escrow for the forced insurance.
I am trying to get the mortgage company to submit to me in writing an explanation why this occured. They will only send me via mail my payment history. that isn't going to solve my problem. regardless I realize they can place forced insurance, but can they put it in an escrow and raise my mortgage payment without notifying me? -
If you all could give me any bit of advice, be it personal or legal I would appreciate it.
I can't believe they can raise my payment without telling me about it. but mortgage companies (not all) have been doing a lot of stuff they shouldn't have been doing these past few years