Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

review

I have a mortgage serviced by CitiMortgage Inc., account number XXXX. They have sent me a XXXX page letter explaining that they need to raise the monthly escrow payment about {$42.00} per month or {$500.00} per year. BUT NOWHERE DO THEY EXPLAIN HOW THEY CALCULATED THE ” Expense Increase ”. My mortgage escrow is for taxes only. Taxes are collected in XXXX and XXXX. The XXXX payment and the XXXX payment are the same ( within one penny ). The XXXX payment was {$5600.00}, and I reckon the XXXX payment will be no more that {$5600.00}. Last year ‘s XXXX bill was XXXX, so there was an annual increase of about {$300.00} between XXXX and XXXX. The stated Low Point in XXXX was {$1400.00}! And they collect {$930.00} each month. If you escrow the tax payment ( {$5600.00} x XXXX / XXXX ), it equals {$940.00} per month, not the {$960.00} that Citimortgage is demanding. Moreover there will be over a {$1000.00} or XXXX % surplus in the mortgage account. Please investigate this unlawful practice. Where does it say that I have to have two month ‘s reserve at all times? In another place in the XXXX page form, they say that the miscalculation between XXXX XXXX and XXXX XXXX was only {$120.00} not {$390.00}. I do n’t need pages of explanation. I need hard facts as to why they think the taxing authority is going to raise taxes in XXXX XXXX that would equal a XXXX % increase from XXXX taxes. Please help. I have no legal recourse except through you.

Leave a Reply