Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
sekanstar

1 Contribution
2 People Helped
escrow go up 3 times ??
I bought my house in 2014 , at that time with the escrow the monthly pay is around 1280 a year , almost a year later I receive a check of 200 dollars and a letter say something about they overcharge my escrow so now it going down my payment after that go down to 1190 , but this month I receive another letter say they miraculously miscalculate my escrow once again and now I own over 2000 dollars in escrow and even if I pay that balance from now on my monthly payment still go up to 1350 and if I don't pay the escrow own then they would divide it to my next 12 months mortgage and my monthly bill would be over 1500 , I thought I suppose to have a fix rate and amount , how can they recalculate or miscalculate this every year ?? how an average working person like me all of a sudden can come up with 400 dollars more a month for the mortgage ??? can somebody please explain this to me ? are homeowner everywhere have to deal with this in a yearly basic ?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
84 Contributions
47 People Helped

Escrow accounts not mortgage itself

Lender usually require borrower to pay certain expenses into Escrow each month. This usually includes local taxes, mortgage insurance premiums. Your fixed rate mortgage is still the same but they may have underestimated taxes or your taxes went up so at end of the year the money in escrow isn't enough to cover. Your mortgage is and interest payments do not go into escrow.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.