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Old 12-06-2008, 07:09 PM
 
Location: Dallas, TX
243 posts, read 1,039,679 times
Reputation: 103

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Hi Everyone -

I closed on a house several weeks ago and was provided information on the total payment including principal, interest, taxes and insurance. I just received the first statement for my first payment due on January 1, and its $185 more than everything signed off on at closing. No explanation for the difference was provided. I'm assuming the amount held in escrow for taxes changed, which is fine if legit, but I want to confirm that. If so it also seems a little fast to be changing the amount held. Is it normal for the payment provided at closing and the actual payment due to be different? This is on a 30 year fixed at 5.625. I double checked all of the paper work at closing to make sure that they didn't accidentally change the rate, switch it to an arm, or anything like that. There is also no PMI on this loan.
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Old 12-06-2008, 08:43 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,106,922 times
Reputation: 1008
More than likely it's the property taxes or the home insurance.

Check with your 'original good faith estimate', and check to see if they gave you one at closing.

You should see the payment amount written on the bottom of the Good Faith
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Old 12-06-2008, 09:25 PM
 
Location: Dallas, TX
243 posts, read 1,039,679 times
Reputation: 103
I did look at the GFE - it is higher than listed there as well. I'll request a breakdown of what the monthly charge is Monday.
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Old 12-07-2008, 08:27 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,106,922 times
Reputation: 1008
the bottom of the GFE should have a breakdown of the monthly payment
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Old 12-07-2008, 10:09 AM
 
Location: Dallas, TX
243 posts, read 1,039,679 times
Reputation: 103
The GFE does have a breakdown and that same breakdown is located in several of the morgage papers I signed at closing - what I don't have is a breakdown on the higher amount I was just invoiced, which is what disturbs me. If it had listed out P&I, taxes and insurance and the difference were the escrowed amount of taxes or insurance I'd be fine. But since its just a higher number with no explanation I'm concerned. The mortgage has already been sold so perhaps the new owner requires a higher percentage held in escrow, at least that is what I am hoping, as if something got "screwed up" I am going to be livid and fight until it gets fixed.
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Old 12-07-2008, 10:26 AM
 
31 posts, read 207,777 times
Reputation: 23
Wow I hope it works out for you.
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Old 12-07-2008, 10:52 AM
 
Location: Great State of Texas
86,093 posts, read 69,977,657 times
Reputation: 27520
Usually they don't require a higher percentage until after they have paid the taxes and insurance and come up with a shortfall. But then you get a letter with a total breakdown.

That's happened to me a few times over the years..both with higher escrow and lower escrow.
I also was given the opportunity to pay a lump payment to bring the escrow up and not change the monthly payment.
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Old 12-08-2008, 08:17 AM
 
Location: Dallas, TX
243 posts, read 1,039,679 times
Reputation: 103
So I talked to the mortgage company and it was a mistake in their system - transposed numbers. They're sending out a new statement with the correct figure that I signed off on at closing.
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Old 12-08-2008, 08:34 AM
 
2,214 posts, read 1,640,131 times
Reputation: 371
Quote:
Originally Posted by Smokipenelope View Post
Hi Everyone -

I closed on a house several weeks ago and was provided information on the total payment including principal, interest, taxes and insurance. I just received the first statement for my first payment due on January 1, and its $185 more than everything signed off on at closing. No explanation for the difference was provided. I'm assuming the amount held in escrow for taxes changed, which is fine if legit, but I want to confirm that. If so it also seems a little fast to be changing the amount held. Is it normal for the payment provided at closing and the actual payment due to be different? This is on a 30 year fixed at 5.625. I double checked all of the paper work at closing to make sure that they didn't accidentally change the rate, switch it to an arm, or anything like that. There is also no PMI on this loan.
I'd be on the phone raising a stink.

If you've got all the paperwork, and signed documentation, you've got a pretty solid case.


Okay - I just read the post immediately above this one. Nevermind!
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Old 03-11-2010, 12:41 PM
 
1 posts, read 3,464 times
Reputation: 10
after being in my house for almost 2 years my mortgage company has now discovered they figured up my taxes wrong and my house payment is increasing by almost 400 is that legal?
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