Contracted 30 year fixed P&I mortgage with Argent Mortgage Company. Before ink was dry they sold to Ameriquest, who then sold to AMC Mortgage Services and is currently owned by Citi Residential Lending, who is attempting to foreclose on my mortgage under the guise that they have the liberty to force escrow for FUTURE taxes and insurance. My contract is for principal & interest (P&I) ONLY, not principal, interest, taxes & insurance (PITI)!
Taxes were already paid and proof of insurance provided; however, mortgage payment increased approximately $500.00 MONTHLY due to forced escrow for future taxes, from approximately $700.00 to $1,300.00 over night. Taxes only $1,300.00 annually, have asked for escrow amortization for at least six months to no avail. Agreed initial mortgage payment amount returned. Mortgage was always current, now behind and faced with foreclosure. Citi Residential Lending advise that this is "common practice". Is cannot be legal! Help!
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