We closed on our home about a year ago. We got in our mail, a letter stating that we had an escrow shortage in the amount of $982. We could not figure out how this was even possible, yet we were told if we did not pay the shortage in full it would raise our payments an additional 87 a month.
We knew that our taxes or insurance had not gone up at all. I called and spoke to a representative and was basically told rudely, that before I called to complain about these things, that I needed to educate myself and know what I was talking about. They just fed me a line about this and that, and this too is why you had a shortage. It still did not make sense but I took them at their word assuming they know what they are doing. YEA RIGHT!
Afterwards I researched further into the shortage. We had already sent them payment to cover it, to keep our payment from raising. But then I found it! I was going over the entire transaction history that was listed online. Apparently they did not know how to add. Since we had started with X amount in escrow at closing, and then added X amount every month for 12 months. Then after subtracting, for the year, taxes, flood and hazard insurance, AND MIP, we still were not even close to having a shortage. I also found that they had paid my flood insurance TWICE, only 2 months apart. That was where our shortage was, they double paid it, so instead of owning up to their mistake and sending a letter saying they double paid, they instead sent us a letter saying we had an escrow shortage.
So I again called them and went over it step by step with them, with simple basic math, adding and subtracting, and finally got it through the guys head, that we had not been short, and that they had messed up. Now we have to go through all kinds of stuff to get the money back from the flood insurance company since that is where they sent the extra, and that will take nearly 30 days to get back!!! I am mad!
This is a really bad practice for a mortgage company. Honestly if they can't keep it straight they should not be in the business. Now that, that has happened to us, I have heard so many other horror stories about them that it scares me. I am now looking to refinance with another company before something like this mess happens again. ALthough now that they know I am on top of keeping track of my account it may not happen again.
Beware! And everyone who has their mortgage through this company be vigilant about checking every detail, and if something does'nt make sense to you, or seem right. Don't let them tell you otherwise, until you are satisfied with your answer or the problem is fixed!
Thanks for listening to my rant!!
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