Mortgage Lenders 2010
Escrow shortage?? My mortgage went up?
I just got a letter from my lender and it says that I have an escrow shortage of $5,800. Not only that, because of tax and insurance increases, my mortgage will increase by $200 for 2010. So, the letter says to either pay the shortage off or add it my mortage for a total of $2,600 a month (200 for tax/insurance increase and $400 for shortage). I under the $200 increase, but how I can be short for 2009? That’s a lot of money. It’s as if I didn’t pay any escrow for 2009, but I did at $400 a month! I haven’t gotten to calling my lender yet so can someone please explain to me how I can be short and how I can lower my mortgage payment. My payment just increased by $600!!! Please help.
It sounds like your taxes and/or insurance went up a while ago and it just wasn’t addressed in a timely manner. Taxes do increase and insurance premiums go up, but somebody someplace should have noticed soon enough that this wouldn’t have happened. The new construction scenario above is an understandable situation, and although it would have been nice of someone to tell you in advance, I’m not sure who should have been the one to tell you.
The only thing you can do is make calling your servicing department your priority and find out why and how this happened. Maybe if you inquire very politely but very persistently, they’ll work something out where you don’t have to pay it all at once.
If you are actually that far behind, you’re going to have to pay it, but they should do something to make it easier for you to handle. You depended on them to take care of that for you and someone screwed up. The servicing department is just people and computers who do what the people tell them to do, but when they make a big mistake they need to do something reasonable to help you fix it.
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