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drf2684 | Mortgage company increase monthly bill without notice do I have any recourse? |
I purchased a rental property in March 2007. I ran all the numbers and was clearing close to $400 dollars a month on a $200K dollar home. In December of 2007, the mortgage company increased the monthly bill by $250 dollars because of escrow balance deficiencies. Do I have any recourse here? The mortgage broker and my mortgage company quotes me at one price then jacked it up by more than 10% which is killing my margins. Any advice would be helpful. I didn't consider selling despite the dropping value, because my monthly take was still strong, but now that I'm barely getting by this might make me reconsider.
Additional Details
This is a 30 year fixed mortgage. I'm guessing escrow went up. |
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patrick m
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there are some interesting things about the escrow account - they work on a "low point" which means if taxes and homeowners insurance are due in the same month, then your low point will create some very high points.. also, the first adjustment, usually covers any shortage from the year before, so they will recover the shortage by doubling the monthly increase, and then drop it back down next year.
look for your margin to come in your tax return....
Next time you are negotiating, or if you refi, you want to pay the taxes and insurance directly - then they won't be working with your money, you will.......
GL - it is a tough business to be in. always has. you can always raise the rent.... |
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Mark H
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You have no recourse if the escrow amouont goes up. If it goes up, find out why. Did the insurance go up? Did the Taxes go up?
If the homeowners insurance went up, shop around for a better rate and let the bank know you will be switching.
Good luck |
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leonardhomes@sbcglobal.net
 |
In most cases it will be because your tax's and or insurance went up. this is very common. |
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AJ
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No you have no recourse. Anyway, the increase is not to the loan, but to the property tax escrow account. That increase is to make sure that at the end of the year, they send you a check that will cover your property tax. |
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Mrs HarleyBrat
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they adjusted due to escrow = means what they were putting away for your homeowners insurance or property taxes isn't covering the actual cost so you have no recourse - honestly - if you aren't losing money - I wouldn't sell it just yet - market is too low - I wouldn't sell it unless you were losing money - hold out and sell next year - prices will be slightly better (not alot but hopefully a little better) |
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Jasmine
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If the increase is to pay for taxes on your property then no you don't have recourse. However do you have an adjustable rate on your mortgage their are so many out there and if you do refinance if you can. Those will only go up and put you in the boat which many are in right now with the mortgage crunch. |
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ed
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If tax is the culprit, you can dispute the appraised value by requesting a hearing at the tax office
With market values declining in many cases, damn taxes should be declining.
It's possible that escrow was under funded for 2007 taxes.
250 per month is pretty high. |
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Jenn D
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I have had my mortgage go up for the same reason. My mortgage company sent me a notice that said that my escrow was $X deficient. They gave me the option to pay it, or roll it into my payments. In the future, to avoid this, you may consider paying your own taxes and insurance (usually what an escrow covers). This way, you can budget this money in yourself. Another option is to send in extra money specifically for the escrow. If, at the end of the year, the escrow still has money left, they should send you a check. (I've gotten a couple of them over the years). The mortgage company has no control over insurance rate hikes or increased taxes. They can only guess what it will be next year. When they exceed what the mortgage company expected, the mortgage company will go ahead and pay it anyway, but then you need to pay the mortage company back, which is what the extra $250 is all about. |
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mojo1969
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when you applied for your mortgage did you get an adjustable Apr or a fixed rate Apr if you got adjustable that gives mortgage company's legal right to Chang interest rates as they go up thought duration of mortgage. if you have fixed rate, they can not do this. |
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Jaime
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When the taxes go up, the lender takes more money to make up the escrow balance and will also charge you more on your monthly statements in the future. Our taxes have gone up so much since we have purchased the house, and our payments are not what we had started with as well. |
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