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I had 21 years of grief from mortgage companies until I was able to buy a house for cash.
It didn't dawn on me just how incredibly incompetent mortgage people are until several years later when I decided to scan my financial records on to my computer.
I was cleaning out my filing cabinet and found folder after folder after folder, thick with correspondence and conversation notes about all the errors month after month.
Incredible.
I'll guarantee that you will have this kind of crap for as many years as you are saddled with a mortgage.
I'll guarantee that you will have this kind of crap for as many years as you are saddled with a mortgage.
Huh? In 30+ years, I've purchased 4 homes and don3 several refi`s and HELOC's. I've only had two issues that required me to contact my mortgage company. And one was my fault.
And yes, I DO watch and keep track of these things. Career hazard - I'm an ex-auditor.
Escrow shortage/recomputation was an annual event for me in Texas. I think one year the valuations actually stayed out, and it created an overage. Which they refunded... and then had to correct again the following year.
I feel sorry for folks that bought a house with the escrow funded based on the current year taxes... because they got a big escrow surprise the next year when the valuation increased 25 or 30%.
Warning -
I'm curious if anyone else has experienced this. Misery can use the company.
Thanks
I had a middle school teacher who used to tell us "We can only go as fast as the slowest person here". I remind myself this when that slowest person is holding the cards.
The biggest issues for escrow increases are new construction. If the idiot lender continued to collect taxes as undeveloped land prior to the home being built, that homeowner is going to have a nasty surprise. I have new owners get mad at me because we have a default calculation that usually (not always) results in an overage and a refund at the end of the first year. But I've been on the receiving end of a $300 per month payment increase and it can devastate a young family's budget.
I had 21 years of grief from mortgage companies until I was able to buy a house for cash.
It didn't dawn on me just how incredibly incompetent mortgage people are until several years later when I decided to scan my financial records on to my computer.
I was cleaning out my filing cabinet and found folder after folder after folder, thick with correspondence and conversation notes about all the errors month after month.
Incredible.
I'll guarantee that you will have this kind of crap for as many years as you are saddled with a mortgage.
Pffft. I have had 5 different mortgages over the last 22 years snd have never had a single issue of any kind. I have never had to contact a single one of them.
I am a lender and I have never heard of any lenders that require escrowing except for govie loans (fha/va/usda) and some conventional loans with less than 20% down.
Pffft. I have had 5 different mortgages over the last 22 years snd have never had a single issue of any kind. I have never had to contact a single one of them.
Lucky you.
I'll nominate you for the Guiness Book of World Records.
Quote:
Originally Posted by TimtheGuy
I am a lender and I have never heard of any lenders that require escrowing except for govie loans (fha/va/usda) and some conventional loans with less than 20% down.
Which means that you HAVE heard of millions of loans that DO require escrow of taxes and insurance.
smh
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