Monthly mortgage increases? - Tilted Forum Project Discussion Community

09-17-2004, 06:24 AM

My wife and I were going over some bills, and I find that our mortgage payment (that we refinanced about a year ago) has gone up $200 per month. The reasoning the mortgage company gave us is they want 2 months house payment in escrow. WTF?!?!?!? They always only held taxes in escrow, and we never missed a payment. They said it was in the ton pf paperwork we signed, so I got no one to blame but me. Has this happened to anyone else? Is this a common practice? On todays to-do list... look at refinancing.

Thanks for any input.

mb99usa · 09-17-2004, 06:30 AM

That seems like a strange way of doing it. I always thought those type of charges were rolled into the closing costs.

NoSoup · 09-17-2004, 09:06 AM

Indeed, it is a strange way of doing it. I am a Loan Officer located here in Wisconsin, so I know all the required laws to do loans here. If you are interested, you are welcome to contact me to refinance, or if you are working with someone else, I could certainly take a look at the documents and make sure that nothing shady is going on.

Let me know if you're interested

Sen · 09-17-2004, 01:04 PM

I, too, am a mortgage advisor. It's weird that they would only collect taxes (and I assume hazard insurance) for the first year and then decide that they also want two months of principal and interest payments. I'd be curious to see where that is in the paperwork. Did they tell you where to look in your loan documents for that clause?

gar1976 · 09-17-2004, 10:40 PM

Extend hand. Raise middle finger. Repeat as necessary.

I've never heard of this. I'd call and bitch out my mortgage officer if I were you, and see what he can do. Bummer, though - you've blown a ton on fees already.

NoSoup · 09-18-2004, 03:09 AM

Quote:

Originally Posted by gar1976

Extend hand. Raise middle finger. Repeat as necessary.

I've never heard of this. I'd call and bitch out my mortgage officer if I were you, and see what he can do. Bummer, though - you've blown a ton on fees already.

Unfortunately, likely nothing. Typically speaking, the lending institution knows their paperwork, and the papers are all already signed. I doubt they would be doing something that wasn't agreed to, and the broker would likely have very, very little chance of getting anything changed...

gar1976 · 09-18-2004, 02:39 PM

Quote:

Originally Posted by NoSoup

Unfortunately, likely nothing. Typically speaking, the lending institution knows their paperwork, and the papers are all already signed. I doubt they would be doing something that wasn't agreed to, and the broker would likely have very, very little chance of getting anything changed...

True, but if you put on enough pressure/make enough ruckus/know the guy fairly well, he might be willing to help you out.

Or not.

Merlocke · 09-18-2004, 08:16 PM

Well - let them know you don't appreciate what they're doing without first really letting you know what's going on. Don't be bullied around. If they don't decide to cut you a break - look elsewhere... and then it's called "revenge"

http://badbusinessbureau.com/

kigo · 09-22-2004, 10:24 PM

hi
this following article may be of help to you

http://mortgagecycling1.blogspot.com

09-17-2004, 06:24 AM	#1 (permalink)
Diamond Guest	Monthly mortgage increases? My wife and I were going over some bills, and I find that our mortgage payment (that we refinanced about a year ago) has gone up $200 per month. The reasoning the mortgage company gave us is they want 2 months house payment in escrow. WTF?!?!?!? They always only held taxes in escrow, and we never missed a payment. They said it was in the ton pf paperwork we signed, so I got no one to blame but me. Has this happened to anyone else? Is this a common practice? On todays to-do list... look at refinancing. Thanks for any input.

09-17-2004, 06:30 AM	#2 (permalink)
mb99usa Keep on rolling. It only hurts for a little while. Location: wherever I am	That seems like a strange way of doing it. I always thought those type of charges were rolled into the closing costs. __________________ So, what's your point? It's not an attitude, it's a way of life.

09-17-2004, 09:06 AM	#3 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Indeed, it is a strange way of doing it. I am a Loan Officer located here in Wisconsin, so I know all the required laws to do loans here. If you are interested, you are welcome to contact me to refinance, or if you are working with someone else, I could certainly take a look at the documents and make sure that nothing shady is going on. Let me know if you're interested __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

09-17-2004, 01:04 PM	#4 (permalink)
Sen Insane Location: Midwest	I, too, am a mortgage advisor. It's weird that they would only collect taxes (and I assume hazard insurance) for the first year and then decide that they also want two months of principal and interest payments. I'd be curious to see where that is in the paperwork. Did they tell you where to look in your loan documents for that clause? __________________ "I want to announce my presence with authority!" "You want to what?" "I want to announce my presence with authority!!"

09-17-2004, 10:40 PM	#5 (permalink)
gar1976 Custom User Title Location: Lurking. Under the desk.	Extend hand. Raise middle finger. Repeat as necessary. I've never heard of this. I'd call and bitch out my mortgage officer if I were you, and see what he can do. Bummer, though - you've blown a ton on fees already. __________________ Blistex, in regards to crappy games - They made pong look like a story driven RPG with a dynamic campaign.

09-18-2004, 08:16 PM	#8 (permalink)
Merlocke Location: Canada	Well - let them know you don't appreciate what they're doing without first really letting you know what's going on. Don't be bullied around. If they don't decide to cut you a break - look elsewhere... and then it's called "revenge" http://badbusinessbureau.com/ __________________ -=[ Merlocke ]=-

09-22-2004, 10:24 PM	#9 (permalink)
kigo Loser	Mortgage issues hi this following article may be of help to you http://mortgagecycling1.blogspot.com