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longford73
Welcome to the world Baby Boy!
Member since 8/06 3127 total posts
Name:
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Citimortgage increase
Has anyone called Citimortage re: the new increases I see many of us received? I understand that taxes & insurance may have increased but I received over $1,000.00 refund the last 2 years & now they are asking for an extra $400.00 for escrow each month to make up the deficit. 
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Posted 8/6/08 8:54 AM  |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Citimortgage increase
This happened to us with GMAC a few years ago.
Hopefully you will be able to get someone that is fluent in English on the phone to answer your questions. Not someone in India reading a script that didn't answer my questions! 
I swear, we actually considered refinancing just to get away from GMAC because I despise them!
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| Posted 8/6/08 9:25 AM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: Citimortgage increase
Mine only increase $18.25
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| Posted 8/6/08 9:58 AM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Citimortgage increase
ours is about $96 more a month.
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| Posted 8/6/08 10:18 AM |
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longford73
Welcome to the world Baby Boy!
Member since 8/06 3127 total posts
Name:
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Re: Citimortgage increase
I just called them. First I got someone in India and immediately asked to be transferred to someone in the US. Thankfully they did.
It seems our taxes were based on the taxes the previous owners paid. They had deductions for being a veteran & over 65.
Thankfully we can still afford the new amount with the increase but I wish that they would have take the previous owners deductions into consideration when our loan was taken out. 
Oh and they are only going up by $460 until we settle the deficit. After that the increase will be about $200.00.
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| Posted 8/6/08 10:52 AM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Citimortgage increase
well at least you know why now. This is why when we bought our house, we called the town ourselves to find out what the true taxes were without any Star help. Glad things are going to work out for you and you can afford the difference. We are still waiting for our tax grievance to kick in.
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| Posted 8/6/08 11:09 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Citimortgage increase
Posted by longford73
It seems our taxes were based on the taxes the previous owners paid. They had deductions for being a veteran & over 65.
Thankfully we can still afford the new amount with the increase but I wish that they would have take the previous owners deductions into consideration when our loan was taken out.
I am having trouble understanding why this is a big deal to some people that say "I hope we can still afford the new payment".
When you bought your house, didn't you estimate how much your monthly housing payment was going to be with your taxes and homeowners added in?
If your monthly P&I payment is say $1700, and your yearly taxes is $8400 ($700 a month) and your yearly homeowners is $1200 ($100 a month), your monthly payment should be $2500. There really isn't any surprises here.
So if your figured your monthly payment when you bouht the house should have been $2500 a month, but your mortgage bank was only billing you $2300 or $2400 a month, shouldn't you have known you would be eventually short?
Likewise if you know your taxes went up $840 for the year but were not being billed that extra $70 a month from your bank to cover this, you would be short as well?
I just don't see where the surprises are. Maybe I am missing something?
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| Posted 8/6/08 11:11 AM |
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longford73
Welcome to the world Baby Boy!
Member since 8/06 3127 total posts
Name:
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Re: Citimortgage increase
Posted by ave1024
Posted by longford73
It seems our taxes were based on the taxes the previous owners paid. They had deductions for being a veteran & over 65.
Thankfully we can still afford the new amount with the increase but I wish that they would have take the previous owners deductions into consideration when our loan was taken out.
I am having trouble understanding why this is a big deal to some people that say "I hope we can still afford the new payment".
When you bought your house, didn't you estimate how much your monthly housing payment was going to be with your taxes and homeowners added in?
If your monthly P&I payment is say $1700, and your yearly taxes is $8400 ($700 a month) and your yearly homeowners is $1200 ($100 a month), your monthly payment should be $2500. There really isn't any surprises here.
So if your figured your monthly payment when you bouht the house should have been $2500 a month, but your mortgage bank was only billing you $2300 or $2400 a month, shouldn't you have known you would be eventually short?
Likewise if you know your taxes went up $840 for the year but were not being billed that extra $70 a month from your bank to cover this, you would be short as well?
I just don't see where the surprises are. Maybe I am missing something?
Yes, I did figure it out. That's why we can still afford the payments. We bought the house in the first 6 months of 2006 so i just got used to the amount we were paying. We've also had such a busy 2 years (making renovations, having a baby etc...) that I forgot that there would eventually be an adjustment.
The actual increase is about what I figured everything would go up when the adjustments were made. I didnt' take the deficit into consideration and that's why I was surprised.
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| Posted 8/6/08 11:20 AM |
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