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Old 05-11-2009, 03:56 PM
 
Location: Sound Beach
2,160 posts, read 6,926,026 times
Reputation: 884

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Ok here's the story...

I live on Long Island and had a grossly over-assessed house. I grieved my taxes from $9200 down to $5800 a year...which should knock about $300 off my monthly payment.

However...my mortgage company tells me that my mortgage will ONLY be looked at in December...and that no changes can be made until then. They even have my new tax bill...and fully understand that I will be paying $300 extra into my escrow fund each month. That money is just going to sit there...doing nothing!

SO...my question...is there anyone who has been through this? Will it do me any good to go up the food chain to try to get my payment reduced now?

I know I'll get a heck of a check back next Jan...but I could use the money now.

Thanks!!
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Old 05-11-2009, 04:06 PM
 
28,461 posts, read 75,173,060 times
Reputation: 18519
Lenders typically put the least "customer service" oriented "rule followers" into their real estate escrow areas -- after all this is NOT a role that requires much creativity!

Your best bet is to follow whatever procedure the lender has spelled out TO THE LETTER, using written communication / registered mail if needed. Ultimately they MIGHT relent allow you to reduce the payment, but I would not count out on it. While you are rattling their cage on this, you might want to inquire as to when (if ever) this lender would allow you to handle your own real estate taxes -- after all why let them use your money for free...

Lenders have different policies about what your equity and payment history needs to be before they will modify the escrow. Most states require that they can produce these policies as well as instructions on how to modify the terms.

Good Luck!
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