D
Dindo
Guest
YOUR STATE NAME - CALIFORNIA
When we purchased our home seven months ago, I asked to have an impound account set up so we could budget for the year and know exactly what our housing cost would be each month. Recently, I received a notice from our lender that our impound account was short funds and that our payment would be going up $150/month. I had a cap on what I was willing to pay for my mortgage and paid points plus put additional down to get to a comfortable monthly payment. The error occurred in the property tax calculation. Given that there were no changes in tax rates nor property re assessments from the time we purchased our home, I could not understand how this error could occur. Had I known that our payment would be $150 higher, I would not have purchased our home. Whether accidental or intentional, I've been mislead. I sent a letter via registered mail to our mortgage broker who called back and said the lender is responsible for determining the impound. When I called my lender, they pointed to the mortgage broker stating they only work with info that is provided to them from the broker. I feel both parties may be partially at fault. With nobody wanting to take ownership of this error, I'd like to know what my legal options are? If I want to make a claim against my brokers E & O policy, what steps must I take to gather this information? I can't afford an attorney to mitigate this problem.
When we purchased our home seven months ago, I asked to have an impound account set up so we could budget for the year and know exactly what our housing cost would be each month. Recently, I received a notice from our lender that our impound account was short funds and that our payment would be going up $150/month. I had a cap on what I was willing to pay for my mortgage and paid points plus put additional down to get to a comfortable monthly payment. The error occurred in the property tax calculation. Given that there were no changes in tax rates nor property re assessments from the time we purchased our home, I could not understand how this error could occur. Had I known that our payment would be $150 higher, I would not have purchased our home. Whether accidental or intentional, I've been mislead. I sent a letter via registered mail to our mortgage broker who called back and said the lender is responsible for determining the impound. When I called my lender, they pointed to the mortgage broker stating they only work with info that is provided to them from the broker. I feel both parties may be partially at fault. With nobody wanting to take ownership of this error, I'd like to know what my legal options are? If I want to make a claim against my brokers E & O policy, what steps must I take to gather this information? I can't afford an attorney to mitigate this problem.