Comments on: Mortgage Escrow Accounts Explained http://cashmoneylife.com/mortgage-escrow-accounts-explained/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Hedy http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-44652 Hedy Sun, 01 Jan 2012 14:34:46 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-44652 I have Everhome Mortage - lost payments, no mail for almost a year, refuse to answer serious questions since they took over loan in 2006 (changed written agreement many times and lies). I sued them since there is a payment of 800.00 from June 2010 never credited, late fees when not late, just ignore eerything and say you have to write then ignore these things. My balance is now 800.00, but they added a little over 6,000.00 to my loan (escrow) and never showed me bill or anything else. I sued them and they responded - not 6,000.00 worth, especially when my balance was down to 832.00 (800.00 still missing from Western Union payment which I scanned and sent them same day abd resent many times. They went up on my escrow-always got statement and overpayment, Everhome claims negative 1,500 (called MD tax and Statefarm; emailed them information just ignored me only went up 220. yr/Everhome 1,300. Is this legal? My balance was 4,238 and I paid 6,900. -taxes/insurance 3,00 (everything went down but Everhome still went up and there is nothing they paid to put my escrow negative 1500 and they refuse to answer any questions, so I sued. Then they add all of this money to my loan from 30 years ago, simply stating it is advance legal fees - they made me write a letter to get all details and legal bill, but was not on response and they want me to pay the -4,000 (legal fees since they already took the rest why my escrow is negative). I have requested payment history since they took over and none of my requests are answered/Waterfield send them yearly, quarterly, and if you called they helped you nut Everhome makes you write and responds to half your letter then tell you you answer the same question too many times. Now with this large legal bill, with so many lies, I am not sure there is a bill and they told me to write, only way to get information, so I asked for attorney bill and again my payment history, again sent them the scanned Western Union email sent in 2010 - nothing has occurred. Everything went down last year, but Everhome went up. I have Huntington's Disease and this is very stressful to me trying to deal with this, and they sent me Agreement to drop my suit - pay them 2,000. and they'll call my house paid off - from 4238 (paid 6,900 now they want 2,000, and I don't know where the money goes), and this money includes the attorney's fees, which I beloieve are illegal, even though they law firm in Baltimore, Gallagher Ebelius sent me email saying they can do this, one line sentence - no bill or anything else and nothing has been done for 6,000. in filing a response to my suit, and nothing is stated about this in their settlement and they can again sue me for legal fees since I have no idea what they billed me for and my doctor wants me to move and they keep keep doing this. I told them I am disabled and don't make the same money and asked for modification of the 13%, cancel pMI, put 1 payment on back; they increased by loan by a little over 100.00, which Waterfield never did then gave me different reasons after I proved they were lying, then they claimed to put 1300. into my escrow since they never wanted m escrow less than1300 - no proof, and after they did this, even though my taxes went down, they went up and one year taxes went up by 220. Everhome 110. monthly increase after I was laid off and disabled. I have Everhome Mortage – lost payments, no mail for almost a year, refuse to answer serious questions since they took over loan in 2006 (changed written agreement many times and lies). I sued them since there is a payment of 800.00 from June 2010 never credited, late fees when not late, just ignore eerything and say you have to write then ignore these things. My balance is now 800.00, but they added a little over 6,000.00 to my loan (escrow) and never showed me bill or anything else. I sued them and they responded – not 6,000.00 worth, especially when my balance was down to 832.00 (800.00 still missing from Western Union payment which I scanned and sent them same day abd resent many times. They went up on my escrow-always got statement and overpayment, Everhome claims negative 1,500 (called MD tax and Statefarm; emailed them information just ignored me only went up 220. yr/Everhome 1,300. Is this legal? My balance was 4,238 and I paid 6,900. -taxes/insurance 3,00 (everything went down but Everhome still went up and there is nothing they paid to put my escrow negative 1500 and they refuse to answer any questions, so I sued. Then they add all of this money to my loan from 30 years ago, simply stating it is advance legal fees – they made me write a letter to get all details and legal bill, but was not on response and they want me to pay the -4,000 (legal fees since they already took the rest why my escrow is negative). I have requested payment history since they took over and none of my requests are answered/Waterfield send them yearly, quarterly, and if you called they helped you nut Everhome makes you write and responds to half your letter then tell you you answer the same question too many times. Now with this large legal bill, with so many lies, I am not sure there is a bill and they told me to write, only way to get information, so I asked for attorney bill and again my payment history, again sent them the scanned Western Union email sent in 2010 – nothing has occurred. Everything went down last year, but Everhome went up.

I have Huntington’s Disease and this is very stressful to me trying to deal with this, and they sent me Agreement to drop my suit – pay them 2,000. and they’ll call my house paid off – from 4238 (paid 6,900 now they want 2,000, and I don’t know where the money goes), and this money includes the attorney’s fees, which I beloieve are illegal, even though they law firm in Baltimore, Gallagher Ebelius sent me email saying they can do this, one line sentence – no bill or anything else and nothing has been done for 6,000. in filing a response to my suit, and nothing is stated about this in their settlement and they can again sue me for legal fees since I have no idea what they billed me for and my doctor wants me to move and they keep keep doing this. I told them I am disabled and don’t make the same money and asked for modification of the 13%, cancel pMI, put 1 payment on back; they increased by loan by a little over 100.00, which Waterfield never did then gave me different reasons after I proved they were lying, then they claimed to put 1300. into my escrow since they never wanted m escrow less than1300 – no proof, and after they did this, even though my taxes went down, they went up and one year taxes went up by 220. Everhome 110. monthly increase after I was laid off and disabled.

]]> By: Cindi http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-44493 Cindi Sun, 01 Jan 2012 06:17:20 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-44493 I received a letter in Nov 2011 from Bank of America (California) informing me that they paid my 2009 & 2010 taxes and have opened an escrow acct for my DELINQUENT Taxes. My new mortgage will be 1270 + 336 mo extra for delinquent + $540 mo for April 2012 and Dec 2012. However I already paid my property taxes for april 2012 in advance...Bank of America is refusing to remove the payment of 3241.06 for april 2012 taxes out of my escrow even though I faxed them proof that april 2012 is paid!!! They now say the escow payment of 540 will be for 2013 April property taxes? How can they collect now for 2013 property taxes in this 2012 escrow account? I was requesting they charge me 270 instead of 540 which is one half....since I already paid one half of taxes.... I dont think its legal to charge for 2013 in 2012 escrow. Please let me know what I can do? Report to HUD? or who? I received a letter in Nov 2011 from Bank of America (California) informing me that they paid my 2009 & 2010 taxes and have opened an escrow acct for my DELINQUENT Taxes. My new mortgage will be 1270 + 336 mo extra for delinquent + $540 mo for April 2012 and Dec 2012. However I already paid my property taxes for april 2012 in advance…Bank of America is refusing to remove the payment of 3241.06 for april 2012 taxes out of my escrow even though I faxed them proof that april 2012 is paid!!! They now say the escow payment of 540 will be for 2013 April property taxes? How can they collect now for 2013 property taxes in this 2012 escrow account? I was requesting they charge me 270 instead of 540 which is one half….since I already paid one half of taxes…. I dont think its legal to charge for 2013 in 2012 escrow. Please let me know what I can do? Report to HUD? or who?

]]> By: Samantha http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-39302 Samantha Mon, 21 Nov 2011 22:26:00 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-39302 I just received a letter from my mortgage company stating my payment is ahead $810 and they have applied this amount to my account. This overage is from my escrow account. Is it lawful for my mortgage company to take the escrow overage and apply it to my mortgage principal or do they have to refund me this amount? I did check the RESPA site and it said they could keep 1/6 as a cushion and refund the remainder. Thanks I just received a letter from my mortgage company stating my payment is ahead $810 and they have applied this amount to my account. This overage is from my escrow account. Is it lawful for my mortgage company to take the escrow overage and apply it to my mortgage principal or do they have to refund me this amount? I did check the RESPA site and it said they could keep 1/6 as a cushion and refund the remainder.
Thanks

]]> By: Ryan http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-38123 Ryan Tue, 01 Nov 2011 20:11:24 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-38123 Brett, I'm not sure if there are minimum time requirements before these changes can take effect. I recommend contacting a real estate lawyer in your state, as this will vary from state to state, and possibly by the policy of the company you pay your escrow through. Brett, I’m not sure if there are minimum time requirements before these changes can take effect. I recommend contacting a real estate lawyer in your state, as this will vary from state to state, and possibly by the policy of the company you pay your escrow through.

]]> By: Brett DeCarion http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-38061 Brett DeCarion Tue, 01 Nov 2011 17:56:32 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-38061 This just happened to me. On October 3rd, 2011 my monthly mortgage payment was $1045. But on October 26, 2011 it changed to over $1300 due to my Home Insurance changing. The insurance was paid via Escrow. I currently working with my insurance provider on getting this fixed. BoA wants me to pay this new minimum on November 1st, 6 days from the date it changed. My question to this is, is there any minimum length of time that the mortgage company is required to adhere to before this change takes place? i.e. If a credit card is set up with a minimum payment plan, the CC company is required to notify the customer of a change of minimum payment 45 days before the change takes place. Is there a law similar to this for mortgage companies to follow? This just happened to me. On October 3rd, 2011 my monthly mortgage payment was $1045. But on October 26, 2011 it changed to over $1300 due to my Home Insurance changing. The insurance was paid via Escrow. I currently working with my insurance provider on getting this fixed. BoA wants me to pay this new minimum on November 1st, 6 days from the date it changed. My question to this is, is there any minimum length of time that the mortgage company is required to adhere to before this change takes place? i.e. If a credit card is set up with a minimum payment plan, the CC company is required to notify the customer of a change of minimum payment 45 days before the change takes place. Is there a law similar to this for mortgage companies to follow?

]]> By: Ryan http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-37073 Ryan Sun, 23 Oct 2011 05:01:08 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-37073 Kay, each company has its own policies regarding how they updates escrow accounts and each state determines its laws for escrow companies operating within their state lines. My recommendation is to search the Internet for information specific to your state, or contact a lawyer who specializes in real estate. You should be able to get a quick consultation via phone or e-mail that will point you in the right direction. Best of luck. Kay, each company has its own policies regarding how they updates escrow accounts and each state determines its laws for escrow companies operating within their state lines. My recommendation is to search the Internet for information specific to your state, or contact a lawyer who specializes in real estate. You should be able to get a quick consultation via phone or e-mail that will point you in the right direction. Best of luck.

]]> By: Kay Jones http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-37026 Kay Jones Sat, 22 Oct 2011 21:05:17 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-37026 Ryan: I have a mortage with Wells Fargo. I have a house in Georgia and its property taxes have dropped. Georgia taxes are paid from July through October each year. All property taxes, waste mgmt fees (included in escrow), and hazard insurance has been paid (approx. $215/mo). So, all taxes have been paid through October for 2011. I have a balance of $1,400 in my escrow account. Based on 2011 taxes, my fees are down approx. $60/mo. I've asked Wells Fargo to revise the escrow analysis to reflect the drop in property taxes based on 2011 taxes. Georgia typically doesn't have a bill ready until June or July. Wells Fargo doesn't want to adjust my mortgage until May 2012. By then I will have twice the amount of funds needed to pay 2012 taxes. What law governs the need to refund overages? And how long can Wells Fargo delay in refunding the overage?? Should I contact a property lawyer? Ryan: I have a mortage with Wells Fargo. I have a house in Georgia and its property taxes have dropped. Georgia taxes are paid from July through October each year. All property taxes, waste mgmt fees (included in escrow), and hazard insurance has been paid (approx. $215/mo). So, all taxes have been paid through October for 2011. I have a balance of $1,400 in my escrow account. Based on 2011 taxes, my fees are down approx. $60/mo. I’ve asked Wells Fargo to revise the escrow analysis to reflect the drop in property taxes based on 2011 taxes. Georgia typically doesn’t have a bill ready until June or July. Wells Fargo doesn’t want to adjust my mortgage until May 2012. By then I will have twice the amount of funds needed to pay 2012 taxes. What law governs the need to refund overages? And how long can Wells Fargo delay in refunding the overage?? Should I contact a property lawyer?

]]> By: Ryan http://cashmoneylife.com/mortgage-escrow-accounts-explained/#comment-36649 Ryan Mon, 17 Oct 2011 18:39:40 +0000 http://cashmoneylife.com/2008/01/28/mortgage-escrow-accounts-explained/#comment-36649 Terry, you will need to contact your escrow company regarding this question. I don't believe I am able to do so with my escrow account - the money is used to pay my taxes and homeowners only; any overages are sent to me via check. If there is an underage, then I need to make that up with a higher monthly payment. I recommend contacting your escrow company to find out their policies. Terry, you will need to contact your escrow company regarding this question. I don’t believe I am able to do so with my escrow account – the money is used to pay my taxes and homeowners only; any overages are sent to me via check. If there is an underage, then I need to make that up with a higher monthly payment.

I recommend contacting your escrow company to find out their policies.

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