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Old 12-26-2010, 12:23 PM
 
1 posts, read 1,460 times
Reputation: 10

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We refinanced about 2 years ago with the same lender, Chase. Everything was done over the phone, and emails. We were told when and where to go for the closing, and received the final paperwork by fedex that day. One year later, we find out that the agent failed to include several taxes in our escrow. Our payment went up 350.00 a month for six months to make up the difference. When talking to Chase, they said I must have 1500.00 additional in our escrow at all times, even after all taxes have been paid. I have never heard this before. So, now our payments are nothing that they quoted when they pressured us to refinance. We should have left things alone. Is this true? is there anything we can do about their paperwork error?
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Old 12-26-2010, 12:37 PM
 
Location: with my mom
66 posts, read 101,088 times
Reputation: 58
Quote:
Originally Posted by mudball5 View Post
We refinanced about 2 years ago with the same lender, Chase.

you lose.
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Old 12-26-2010, 03:38 PM
 
Location: Cypress, TX
890 posts, read 2,509,487 times
Reputation: 724
Sounds like it's just a temporary shortage you'll have to pay a little extra for, eventually your payment should go back to about where it should be. Personally I got tired of all the shortages/overages on escrow and opted to put 20% down on my current home to avoid escrow all together. It's such a PITA.
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Old 12-26-2010, 04:41 PM
 
239 posts, read 560,777 times
Reputation: 344
Quote:
Originally Posted by kreeyax View Post
Personally I got tired of all the shortages/overages on escrow and opted to put 20% down on my current home to avoid escrow all together. It's such a PITA.
ITA. I'll never, ever again allow any mortgage company to dictate my escrow account. I handle it myself, I get to keep the interest on the account, I get to ensure that payments tax and insurance are made on time. And there's no game playing with the balance.
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Old 12-26-2010, 08:21 PM
 
949 posts, read 2,188,584 times
Reputation: 817
Yes, never have an escrow account.
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Old 12-27-2010, 08:09 AM
 
Location: Houston, TX (Oak Forest)
4,697 posts, read 11,706,165 times
Reputation: 3768
When you refinance the only number you look at is your mortgage payment, your tax and insurance escrow should be the same. If he just showed you a new, lower payment amount that didn't include all the taxes then you got hoodwinked and I suggest you pay more attention to your paperwork next time around.
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