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geena55

09:19PM | 08/08/04
Member Since: 08/08/04
1 lifetime posts
Bvrealestate
We refinanced our house in 3-2003...$630 was part of our closing costs, and paid in good faith to originate an Escrow account, specifically itemized in Section #1000-1008 as reserves deposited with Bank-A for Hazard Insurance, Property Taxes and Flood Insurance.

Within 6 months, our mortgage was sold to Bank-B. In 3/2004, I received Bank-B Escrow Account History which stated there was a $660 escrow shortage after disbursing Hazard Insurance and County Tax payments in 11/03. This supposedly shortage now reflects a remarkably increased monthly mortgage-&-escrow payment for the next year. Because we've never-ever had such a large "escrow shortage" since being homeowners, I reviewed Closing Settlement & Escrow account summaries from Banks A&B...& angrily noted that our $630 closing costs to originate an escrow account was NEVER included in Bank-A Escrow Account, consequently not included in Bank-B's Escrow History.

Immediately, I contacted original Bank-A...& was informed that the $630 was noted as "closing interest", not an escrow account deposit...that they could no longer be of further assistance to me...but to instead contact current Bank-B. Bank-B supervisor instructed me to fax Closing Section #1000-1008 with letter-of-explanation and the matter would be researched.

Since disputing the escrow shortage, I am not paying the recommended increased monthly payment. Initially,Bank-B agreed that I did not have to pay the increased monthly payment while $630 discrepancy is under investigation, but now they are starting to verbally press for the higher mortgage payment...intended to cover escrow shortage...which is not really a shortage at all, but a mis-appropriation of funds.

It has been 4 months since Escrow Dispute filed...still nothing has been resolved by Bank-B...just continually having to repeat the chain-of-events on monthly follow-up calls...never the same supervisor, who states it's not possible to be placed in direct contact with the actual investigative Bank-B personnel.

I'm very discouraged, frustrated...Bank-A is still wrongly in possession of $630.

What are my chances of the $630 ever reaching my Escrow Account now with Bank-B?

All input would be most appreciated...Geena

juliedealer

01:27PM | 10/13/04
Member Since: 03/23/04
71 lifetime posts
I also have had a problem with a transfer of my mtg information. The principal bal and the escrow bal do not match.

I have notified both lenders (old and new) with a "qualified written request" as provided by RESPA, RESPA provides protection to us.

this link is HUD's sample letter

http://www.hud.gov/offices/hsg/sfh/res/reslettr.cfm

I'm not sure what the next step is after that, but I know this much; document every contact you make.

Julie


homebild

07:26AM | 10/15/04
Member Since: 01/28/03
693 lifetime posts
Without knowing specific details all I can offer is that esxrow accounts payements can and do go up as mortgages change, tax millages increase and insurance premiums rise.

Seeing increases in escrow payments and shortages from previously held balances is not unsual.
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