A
AnnaP
Guest
What is the name of your state? Kansas
In early May 2004 I received a letter from my mortgage company stating I had an escrow shortage. I expected this. The letter stated the shortage was divided by 1/12, added to my current payment, and the payment was refigured to include the shortage and the new escrow payment. I was given the option of paying the shortage and having my payment readjusted to reflect the correct monthly payment which I did and the mortgage company received the shortage & the monthly payment on June 14, 2004. I expected the payment to be adjusted for the July payment. I received 2 payment notices which showed the escrow shortage paid to the escrow account yet the monthly payment was not adjusted to reflect this. When I called my mortgage company to find out the correct monthly payment to make I was told my mortgage was sold to another company last week and they no longer had my records. I received the new mortgage company name & number and promptly called them. I was told my monthly payment was the last UNADJUSTED amount and "MAYBE" the extra escrow payment would be transferred to them which would lower the payment. We are only talking about $300.00, but I scraped to get it just to keep the payments manageable for my income. I was also told by the new company if I wanted an adjustment it would raise my payment to over $100.00 more per month since I still showed a shortage in my escrow. I was very upset and felt like I just tossed $300.00 out the window. I called back the original mortage company and told them I didn't think this was right. They responded with the other company probably has different rules about escrow balances and they would send my a history of my account so I could at least have some proof I paid the $300.00. Do I have any kind of recourse against this? If I can't lower the payment to the level I expected, I want my $300.00 back! Can my Mortgage just be sold like that and I should expect an instant increase in my payment? Was my original mortagage company in the wrong by not adjusting my payment before the loan was sold? I sure would appreciate some guidance.
Thanks!
In early May 2004 I received a letter from my mortgage company stating I had an escrow shortage. I expected this. The letter stated the shortage was divided by 1/12, added to my current payment, and the payment was refigured to include the shortage and the new escrow payment. I was given the option of paying the shortage and having my payment readjusted to reflect the correct monthly payment which I did and the mortgage company received the shortage & the monthly payment on June 14, 2004. I expected the payment to be adjusted for the July payment. I received 2 payment notices which showed the escrow shortage paid to the escrow account yet the monthly payment was not adjusted to reflect this. When I called my mortgage company to find out the correct monthly payment to make I was told my mortgage was sold to another company last week and they no longer had my records. I received the new mortgage company name & number and promptly called them. I was told my monthly payment was the last UNADJUSTED amount and "MAYBE" the extra escrow payment would be transferred to them which would lower the payment. We are only talking about $300.00, but I scraped to get it just to keep the payments manageable for my income. I was also told by the new company if I wanted an adjustment it would raise my payment to over $100.00 more per month since I still showed a shortage in my escrow. I was very upset and felt like I just tossed $300.00 out the window. I called back the original mortage company and told them I didn't think this was right. They responded with the other company probably has different rules about escrow balances and they would send my a history of my account so I could at least have some proof I paid the $300.00. Do I have any kind of recourse against this? If I can't lower the payment to the level I expected, I want my $300.00 back! Can my Mortgage just be sold like that and I should expect an instant increase in my payment? Was my original mortagage company in the wrong by not adjusting my payment before the loan was sold? I sure would appreciate some guidance.
Thanks!