HSBC arbitrarily raised my monthly payment by $60.00.
I Received a letter from HSBC dated October 18 stating that an anaylsis had been done and there will be another analysis done in November. I placed a call to HSBC and talked with Jill who assured me my montly payment would stay at the original payment of $744.31
January my monthly payment is now $790.00. HSBE is saying there is an excrow shortage in my account. I requested all activity faxed to me which indeed they did and had an mortgage borker analyze the data.
In the meantime per the broker I contacted HSBC and talked with SUNJAi who definetely was of Indian extraction and hard to understand. His idea os being helpful was to talk fast and with an accent that kept getting more pronounced as the conversation went on. Needless to say it was a waste of time.
The issue in as follows: When the loan closed on August 31, $1128.06 was collected to set up my escrow accout. The first payment was due on 10/01/06. From that payment through my 10 payment they collected $1672.19 from my escrow account. The total that has been collected from me is $2800.25. According to county records, the total taxes paid on the property are $1982.33 which includes an interest charge of $4.36 in 2006 because they paid the taxes late. They have also paid $411.00 for my homeowner's insurance bringing the total paid on my behalf to $2393.33. Accordingly at this point in time there is $406.92 in my escroa account for the year 2007.
Each month $128.00 dollars goes into my account for taxes and insurance, therfore at end of year 2007 the account will have $1942.00 in it.
The rise in the monthly payment is pure speculation, not fact. If indeed there is a legitimate shortage I need to see the acutal data which they can't/wont produce.
This is the worst company I have ever dealt with. They are rude, not helpful and I resent having to talk to someone who does have a command of the English language.
I welcome anything that can be done.
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