U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

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


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.

Rate this post positively Reply With Quote Quick reply to this message

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!
Rate this post positively Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top