Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

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Citizens one bank is skewing the financial figures in my escrow account to make the short fall caused by the property tax increase to appear greater than it actually is in order to raise my monthly mortgage payments significantly. ( Please view PDF doc named Escrow -shortfall ). Also, they are double charging for the short fall. Citizen XXXX has already deducted the short fall amounts from the escrow contributions from my monthly mortgage payments for XX/XX/XXXX. They increased my monthly mortgage payments for XXXX to pay back the money that they advanced me for the Escrow short fall, which was already paid back XX/XX/XXXX. They deducted from the XXXX contributions {$39.00} on XXXX/XXXX/XXXX and then again deducted {$360.00} on XXXX/XXXX/XXXX to repay Escrow advance. Why do I have to pay back the short fall twice?

XX/XX/XXXX they simply factored in the Escrow short fall into my monthly payments and did not deduct anything from the Escrow contributions. This year they did both! ( Please view PDF doc named Account Activity ). Another issue that concerns me is that the actual Escrow short fall for XX/XX/XXXX was only {$400.00}. How can the escrow account be short {$1000.00}? ( Please view PDF doc named Escrow shortfall ). Citizen One bank claims they are charging me over double the amount of the actual shortfall because the Escrow amount fell below {$830.00}. It would not have fallen that much if they simply incorporated the short fall into my monthly mortgage payments like are supposed to instead deducting it immediately from the Escrow contributions. By deducting the {$400.00} directly from the contributions they unnecessarily increased the XXXX deficit and made it look larger then it actually was. They did this to INCREASE MY MORTGAGE PAYMENT OVER A XXXX DALLERS for XX/XX/XXXX and THIS IS BEFORE THE Mortgage ARM AJUSTS. The rate for my ARM is not set to adjust until XX/XX/XXXX. ( Please view PDF doc named Mortgage Statement ).

Since the escrow shortfall was deducted already from my Escrow contributions for XX/XX/XXXX, my mortgage payment should remain the same as before. Which was {$1400.00}. Because of Citizens bank double charging me for the {$400.00} escrow short fall, my mortgage payment now jumped to {$1500.00}. There should be no increase Until XX/XX/XXXX when the ARM for the mortgage is set to adjust.

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