Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

review

For the past 6 years my mortgage payment including escrow has fluctuated between {$1200.00} and {$1400.00}. My most recent statement from Nationstar mortgage states they are raising my payment to {$2200.00} ( we have a fixed rate ), and I have a {$6500.00} escrow shortfall. How can a mortgage company justify such a huge increase, we borrowed the amount we did because that is what we can afford, now they are trying to charge us an amount that would be sufficient for a $ XXXX house when we only borrowed $ XXXX, this is almost double and highly impractical. I do feel that both our mortgage company and home insurance company are practicing predatory lending and unfair charges. I would like to have both companies contacted ( which I ‘ve done ) to find out how they justify these extreme price/payment increases. Below is what I ‘ve sent to the mortgage company already.

How do you end up with a shortage of {$6500.00}, when that is the yearly total of my insurance and property tax? There is definitely something fishy with your estimation and payments of my ins. and tax. For instance my insurance is due once a year for a total of {$5100.00}, which you paid in XX/XX/XXXX or XX/XX/XXXX, and my property taxes barely exceed {$2000.00} for the year. If you paid these already there is no way I ‘m that far in the whole. Secondly, how do you expect a borrower to just come up with {$6600.00}? And charging {$1200.00} a month for escrow is insane on a mortgage that is barely $ XXXX. You have definitely made an error somewhere and you need to recalculate. I ‘m going to write the FCC and any and all other governmental agencies that monitor Mortgage lenders and protect borrowers from predatory lending as this is not fair at all. You may also want to consider contacting my insurance as they mistakenly billed again the {$5100.00} in XX/XX/XXXX or XX/XX/XXXX which I called them on and they reversed as it was paid in XX/XX/XXXX or XX/XX/XXXX, if you paid that twice that would explain the shortfall and that should not be passed on to my wife and I in such an extreme matter as you are doing. Either Nationstar or XXXX need to improve the payable & recieveable departments or both!

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