|
You must be a logged in user to report a bad post!
Why would my mortgage payment go up so much?
| Posted By |
Message |
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Why would my mortgage payment go up so much?
I just a notification that my mortgage payment will be going up by $451 dollars? Does this make sense??
I dont' think we will be able to afford that much extra
They are increasing the escrow payment but what they have on file for taxes is too high - My tax bill says a different thing and they are overestimating the next tax payment about $2000
What can I do about this?
I don't want this to constantly happen and put us in a position where we can't afford our home. We bought a smaller home with lower taxes for a reason.
I have Bank of America
EDITED: because I logged in an hour later and now the payment amount has changed again. Now its only a $169 increase that sounds more on par
Message edited 2/18/2011 12:03:23 AM.
|
Posted 2/17/11 10:51 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
|
Re: Why would my mortgage payment go up so much?
While that sounds like a lot, we are always receiving a notice that our escrow is short based on their estimation.
We got so frustrated we took our takes and home owners insurance out of escrow and we pay it ourselves. It's just not worth the guessing game,
|
| Posted 2/18/11 9:42 AM |
| |
|
Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
|
Re: Why would my mortgage payment go up so much?
Just stay on top of the escrow and tax amounts. I went through a nightmare with that - big jumps in both directions, and it turns out they hadn't been paying our taxes at the right amount and some fee hadn't been paid at closing and we wound up having to choose between paying $800 more a month for a year or paying $400 more a month for a year and paying a big chunk outright.
We did the latter, but you can bet once the one-year mark hit I was all over them to reassess my escrow account and tax bill. My monthly payment is now back to where it always should have been!
|
| Posted 2/18/11 10:18 AM |
| |
|
|
|
Re: Why would my mortgage payment go up so much?
It's ridiculous. My monthly mtg payment has gone up 3 times since I've owned my house. It's the escrow shortage and then projections for any possible increases are added into it. I usually pay up front what the amount is but my payment still increases a little. It pizzes me off because you pay into the escrow in your monthly payment anyway.
Blood suckers!
|
| Posted 2/18/11 10:23 AM |
| |
|
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Why would my mortgage payment go up so much?
Posted by Megs4
Just stay on top of the escrow and tax amounts. I went through a nightmare with that - big jumps in both directions, and it turns out they hadn't been paying our taxes at the right amount and some fee hadn't been paid at closing and we wound up having to choose between paying $800 more a month for a year or paying $400 more a month for a year and paying a big chunk outright.
This happened to us too. When we closed on our house both our property and school taxes were supposed to be escrowed. About 1 year after we closed I got a letter from Town of Hempstead that our property taxes were not paid at all that year. WaMu (now Bank of America) messed up and never escrowed our property taxes. We had to back pay the taxes + penalties. After that I took our taxes out of escrow and we pay them on our own.
When we got our escrow check back they were taking out $200 extra per month "incase".
|
| Posted 2/18/11 1:31 PM |
| |
|
Potentially Related Topics:
Currently 2009337 users on the LIFamilies.com Chat
|
