I just got a statement in the mail that my property taxes were short approx. $ 3,000 for the year AND my taxes went up so the company which holds my mortgage has raised my mortgage payment up $ 500 starting in Feb. 08 to cover the back due taxes as well as the new escrow amount…one option they are giving me is to pay the past due taxes and my mortgage will only go up $ 250 to cover the new amount needed for escrow…either way wether my new mortgage payment is $ 1880 or $ 1630, I am budgeted and used to paying $ 1380…any increase is going to affect my finances big time and I am afraid of losing my home, what do I do? I am going to pay the past due taxes with a credit card but still I will have that debt to pay just on a credit card. Is it possible for the lender to lower my interest rate without refinancing so my payment will be more affordable? I’m sure lenders dont want another forclosure..please give me some advice on what to do
Oh and I forgot to mention that I do not have equity in my home..I bought my home last year in 06 for a great price at the time..since then the builder who sold me my home is selling the same model for $ 40,000 less..
i have a Mobile home fiance through a mortgage company in san antonio texas and that company is stating that there is a law here in texas that i must have an escrow acct. The property that the mobile home sits at is n ot financed with a bank and they did not require an escrow acct
HI,
I have posted a couple of times, but just opened my mail and found out my mortgage company (chase) has increased my payment again! I am now at 2943 per month and they increased the payment due to flood and hazard insurance of which I currently have. I have contacted them on numerous occasions and sent in docs proving I have insurance. No one ever seems to have an answer and they tell me that cannot do any escrow revisions for at least 6 months. I am now 90 days behind and doubt that i can make a payment this month. The mortage is in my name, my spouse was unemployed when we got the mortgage so we did not use him on the loan. Please someone help me. I have 3 children, I am working 2 jobs and my house is really falling apart. The reason we have such a high mortage is a very long story, but in summary it is due to me being screwed over by a friend who claimed she could “owner finance” my house. I am beggging for help, suggestions, advice……..
shortly after purchasing disability ins. i was diagnosed with testicular and lymphatic cancer that was very aggressive. while in chemotherapy I contacted the insurance co. to claim. I was totally involved in staying alive long enough to beat this cancer and was obviously seriously unable to keep track of finances and such. My wife did not realize this was one of the few things we had any coverage for and therefor did not deal with it. It has been almost two years and i just recently realized we had not recieved any benifits from this insurance during my year long fight with cancer. what can i do to get them to pay? The insurance was purchased with the mortgage and I thought that even though the claim is made that the insurance is a seperate issue the mortgage company is the legal servicer of all matters on the mortgage, such as ins. taxes if there is an escrow acct. etc.?
My mortgage co. fraudulently obtained homeowners ins. without my permission at an outrageous premium. I have homeowners ins. of my own THEY pay out of escrow. They keep sending me letters that because I cancelled the insurance they obtained for me, there has been a lapse in coverage and they are billing me $ 2300.00 to my loan, which will affect my escrow. My insurance agent has already spoken to Chase, but I’m still getting these letters from their ins. department. I’d like to report Chase Home Finance, but I need to know what agency.
It is an escrow reimbursement check from my mortgage company. I paid the money into escrow. The bank has my ex husbands name on the check. I’d rather not have to go to him for a signature and explain to him that this is actually my money and he is not entitled to half of it.
I recently closed escrow on a new home mortgage, but because of the recent chages in the home mortgage industry, the broker cannot sell the loan to a traditional bank. They are basically stuck with the loan. Is there anything I should be concerned with?
I recently closed escrow on a new home mortgage, but because of the recent changes in the home mortgage industry, the broker cannot sell the loan to a traditional bank. In otherwords, from what I am being told by my loan officer, is that when the loan funded, the bank that was to buy the loan closed its doors. Now that brokerage is stuck with the loan… Is there anything I should be concerned with?
Thanks for your answer, however, I saw it done using a TI calculator, I don’t remember what steps they used. How do you figure monthly payments using an installment loan formula? PMT??? w/o interest and escrow, and taxes. thank you
thanks…..
Where is a site that is simplified in answers regarding mortgages, loan companies, interest & everything else.
Every time Hubby gets a letter offering to refinance us
& lower our monthly payments,
& skip a mortgage payment, plus return our escrow
I smell a fish & Hubby sees a great! opportunity to save a few bucks so,…
Where is a site, with simple explanations, that can answer any questions about mortgages.
(For example: Just how well is Countrywide doing? Do we want to get away from them? Are they about to sell our note to a Mexican bank & we’ll start having to pay in Pesos?)
So do you know of a site that can answer mortgage questions in an easy to understand way?
Thank you,
Harry Gams