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ECROW ACCOUNT
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   General Questions-> Mortgage Loan FeaturesMessage format
 
jen
Posted 5/10/2006 6:17 PM (#1041)
Subject: ECROW ACCOUNT
I bought my first house a year ago this may. I have been paying into an escrow account through my mortgage company. I just received a letter stating that they were not holding enough money in ecrow and now I owe a debt over $3700. I now have to pay my regular mortgage payment, an increase of 348 to cover this year and the debt of 517 a month to collect from last year. I have to pay 865 more a month and they can't figure out why I am upset. Where will I get this money? Why didn't they let me know way earlier so I could have paid it all along instead of going in a debt. Is this legal? They say they under estimated the taxes. Isn't their job to have some idea of the taxes? Can they require me to pay all this?
kellicaras
Posted 5/12/2006 8:47 PM (#1051 - in reply to #1041)
Subject: RE: ECROW ACCOUNT
Sadly yes they can require you to pay for this. They really did not do enough research when setting up your taxes. I find it hard to believe the assesd value rose enough to change your taxes 3k in one year. At least they aren't requiring all the back funds at once as I have seen some companies do. I am so sorry for your experience.
Kelli Caras
www.kellimortgage.com
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