Let me start by stating that my wife and I moved into a new (to us home) last December. It was a repo in Murrieta that we bought for $265k less than the note. There were some issues in the loan paperwork, but after all was said and done the paperwork went through, and we were off and running on a 5 year fixed/variable loan.
So Saturday I get a new statement from my mortgage holder. They are increasing my mortgage by over $700 per month starting July 1 due to an escrow shortage, and if I pay the $2900 shortage, my new payment will only go up by $500 per month. WTF? I don't get it?
The original paperwork snafu was that the county was trying to collect property taxes against the note value and not based on our purchase price. Indeed, they did collect an overage on the property taxes, and sent me an $1800 refund check at the end of December!
Based on how I am reading the new statement (if I am reading it correctly), it looks like they are basing the shortage and new payment on an incorrect property tax amount. My escrow paperwork has my annual property tax listed at $7840 per year, and the new statement has it listed as $10,100 per year.
So to my question, is it just that easy...call the mortgage holder, question them about it, and then viola, everything is put right? Or was there some major snafu in my loan paperwork that could have me f"*cked for life on this loan? I haven't slept well the past 2 nights, and probably won't until I talk with them, but do any of you mortgage loan people have any suggestions?
Thanks,
Alan
So Saturday I get a new statement from my mortgage holder. They are increasing my mortgage by over $700 per month starting July 1 due to an escrow shortage, and if I pay the $2900 shortage, my new payment will only go up by $500 per month. WTF? I don't get it?
The original paperwork snafu was that the county was trying to collect property taxes against the note value and not based on our purchase price. Indeed, they did collect an overage on the property taxes, and sent me an $1800 refund check at the end of December!
Based on how I am reading the new statement (if I am reading it correctly), it looks like they are basing the shortage and new payment on an incorrect property tax amount. My escrow paperwork has my annual property tax listed at $7840 per year, and the new statement has it listed as $10,100 per year.
So to my question, is it just that easy...call the mortgage holder, question them about it, and then viola, everything is put right? Or was there some major snafu in my loan paperwork that could have me f"*cked for life on this loan? I haven't slept well the past 2 nights, and probably won't until I talk with them, but do any of you mortgage loan people have any suggestions?
Thanks,
Alan