Mortgage increase...

[scottww]

Jurisdiction

Texas

Is it legal for your mortgage company to double our payment due to escrow shortage even if it was not our fault?

We recently received an Annual Escrow Account Disclosure Statement and our payment doubled. Went from ?843.00 to ?1612.00. We bought the house new and closed September 2015 and we received this statement a few days ago.

 

[adjusterjack]

It's legal if it's necessary. Read your mortgage contract.

What were you told about the reason for the shortage when you called up and asked?

 

[scottww]

We were told that we didn't pay enough in taxes and that they loaned us the money to pay for 1016. I have attached 2015 and 2016 adopted taxes... and our escrow info

We live in the town of Troy...

 

[adjusterjack]

The tax rate charts don't help. I'd like to see your closing statement (HUD-1 both pages) from when you bought the house and the tax bills for 2015, 2016, 2017 before I can figure out what happened. You can probably obtain the annual amount of the tax for those years from the taxing authority website.

Oh, when you say "bought the house new" it was new construction and you are the first owner?

 

[army judge]

What type of loan are you on?

Your increase could be related to rising interest rates, if you are on one of the ARM scams.