Mortgage Bank...grrrr

[ilikefree]

Every month for as long as I can remember we've had $380 taken directly from our savings account to pay our house payment. Today I went through the ATM to take out some money to go to garage sales and it said I didn't have enough in our account. So I came home and checked the account activity online. Come to find out that the mortgage company took out $402.93 instead of the usual $380! True, it was only a $22.93 difference, but we barely had enough to cover the higher amount. I am so mad right now. Not so much because I couldn't go to the garage sales, but because they took out the higher amount without telling us first. Are they allowed to do this without notifying us first? What would have happened if we wouldn't have had the extra little bit in there? Sometimes we don't. Grrrrrrr............

[redrig]

I would think you'd have to read all the fine print in your mortgage contract to find out if they can do that...there may be a clause in there regarding escrow & property tax and that if they receive notice that the property tax is going up they can add that to your mortgage payment without notifying you, etc etc.

That's why I took my mortgage out of escrow as soon as my waiting period was over (generally one year)...I got the notice that said my mortgage was going to go from a little over 800/month to almost 975/month. I figured I could do better putting my money into an ING account and get a good interest rate and paying the property tax myself. BUT that takes discipline...you have to figure out how much per month you need to set a side for when the tax bill comes and MAKE SURE you put it in whatever interest bearing account you choose so that it's available when tax bills come due. Since taking my mortgage out of escrow my payments are on 555/month, but I make sure I put the necessary funds aside every payday.

[schsa]

My house insurance has taken a gigantic leap recently. It has caused my house payment to increase. On the other hand, I don't have to come up with $875 once a year to pay for my house insurance.

[one_angel]

I know what you mean about escrow. My husband and I thought that we wouldn't like having the escrow for our insurance and taxes, but it does beat having to either pay everything in one lump sum each year or paying things seperately each month. I know that our payment went up last October, but I had to call the lender about the payment booklet anyway, so I found out that they re-figure everything in October. If I hadn't talked to the lady, I wouldn't have known to watch for the jump in the payment. Ours went up fifty-seventy dollars more. We, though, don't have it deducted automatically. We send in a check every month. We do that for more flexibility. I hate to hear that you had to find out the hard way, though. That really sucks.

[rlynn411]

Our house payment just went up and we received no official notice, but we knew as school bonds and other taxes related issues were passed this could happen.

I was a bit shocked when I went to pay our mortgage and our payment went from $868 to $949 a month. Mortgage company said it was a combination of homeowners insurance increasing and a property tax increase.

It bites but not a dang thing I can do....sigh.

[BigLyd1]

You aren't talking about Wells Fargo, are you? They took extra money out of our escrow back in November because they thought we should be paying more insurance, even though our insurance company said it wasn't necessary. We're still trying to get this straightened out. I have since seen a recent article in our local newspaper saying that this practice is illegal in 11 states, including CA where I live.

I would look into it if I were you.

[cathych]

It depends on what type of loan you had. If you had an ARM loan, which is what most people have, it is an Adjustable Rate Mortatge Loan, which is just what it says, adjustable, & most likely went up. In that case, that don't have to tell you, because its on your contract.

[ilikefree]

It depends on what type of loan you had. If you had an ARM loan, which is what most people have, it is an Adjustable Rate Mortatge Loan, which is just what it says, adjustable, & most likely went up. In that case, that don't have to tell you, because its on your contract.

No, we have a fixed rate. We refinanced a couple years ago when the rates were really low. I did e-mail the bank we went through and the lady who responded said that they did send us a notice back in the middle of March stating that they re-evaluated our escrow account and that amount was increasing; property taxes and insurance went up. Only for some reason we never got that notice. Who knows, maybe my mailbox was full of freebies that day and the mailman didn't have room for it so he just kept it. Anyway, that is the reason they took more out. I guess I understand, it was just a shock to find out that I didn't have the money in our account that I thought we did.

[MsLynn]

dang seeing all ya'lls mortgages are giving me a heart attack, shoot i like my 250 a month for 10 years, lmao

[melissar]

Dang...if I had a mortage of 250 for ten years, I would be in heaven....That is an awesome payment... Houses in our town or area have increased dramatically over the last two years... We are in the process of listing to pay off our mortgage and go into a town well let's say is less desirable and pay cash for one this is after paying off our mortgage.. I am like No I don't want to move there but dh grew up there and he says it's really not that bad...so we shall see.. It's like he said, if I don't like it after a year of not paying a mortgage then we can always resell... Mortgage payments really do stink though...

[MsLynn]

well trust me, my house needs lots of work, lol you should have seen the pics i posted way back when, but my kids like it and I love being out in the boonies and having 7 acres to myself