Loan servicing, payments, escrow account

Posted on Posted in Mortgage

review

I recently bought a home in XXXX XXXX. My mortgage company is Caliber Home Loans. The escrow payment was {$500.00} per month ( includes taxes and insurance ) based on a {$330000.00} purchase price. Because I bought an older home, the assessed value the previous year ( XXXX ) was lower BUT my escrow payment and property tax payment was based on {$330000.00} and what I would pay in XXXX and on ( not the lower value ).
A couple months ago I received a supplemental tax bill, which was n’t surprising, but there was enough in my escrow account to cover it because my mortgage payment was based on a property tax bill of 1.1 % on {$330000.00}. My FIRST tax bill was based on the previous value/purchase price of the home … the supplemental tax bill was due to the difference of the previous ( older/smaller ) tax bill, and the value of the home when I purchased it.

It appears that my tax department does not know what a supplemental tax bill means … the reps at the tax department of my mortgage company are CLUELESS, some barely speak XXXX. The supplemental tax bill was billed in installments ( first installment due in XXXX, second installment due by XXXX XXXX ). Unfortunately, my mortgage company paid the entire supplemental tax bill ( both installments ) months in advance. That brought my escrow balance down to {$500.00}, which is fine, because I ‘m still paying into my escrow account and it will build back up by XXXX ( when the next tax bill is due ).
HOWEVER, my mortgage company now thinks my escrow account will be short ( it ‘s not! ). They do n’t think I am paying enough every month to cover my taxes ( I am! ) so they are requiring an extra {$160.00} per month.
I know that my assessed value and homeowner ‘s insurance have increased about $ XXXX/month … not {$160.00}. There is no reason to increase my payments by {$160.00}!!!!!
Because my mortgage company paid my supplemental tax bill 6 months early, they are insisting that I am short when I ‘m NOT. I do n’t have a tax bill due until XXXX and at that point, I ‘ll have enough to cover it. ( I ‘ve already paid homeowner ‘s insurance for the year ).
The reps in the tax department do n’t understand the mistake they have made and they seem unable to figure out that there is NO shortage. I do n’t think they even understand how property taxes work. They keep insisting that I need to pay more money, when I do n’t. If I were swimming in money, I would just pay the extra money and hope that it would get figured out down the line, maybe a year from now when they do the next ” escrow analysis. ” However, I simply ca n’t afford an extra $ XXXX/month, we are barely making it now. I ‘ve spoken to three different people and they all say the same line ” We pay your taxes … you do n’t want a lien, do you?, ” but there was never a danger of a lien.

They make no sense whatsoever and instead of taking the time to look at my account and understand what they did, they are brushing me off like I do n’t know what I ‘m talking about. This is really frustrating! I ca n’t get them to take 5 mins to look into the problem, if they did, this would all be over. Please help! What can I do??? I do n’t want to lose my house because of their stupidity!

Leave a Reply