Midland Mortgage
Holding 2 months Escrow at all times and can not tell you if interest will be paid or not. Is this legal?

My home loan was with GMAC and was sold to Midland Mortgage in November. Today I received a new coupon booklet that shows my payment will be increased in April.

I called Midland and they stated that the increase was probably from Insurance or Taxes. I looked up Taxes and Insurance and there was no increase so I investigated this further. I found out that I have to have 2 months worth of escrow in my account at all times over and above my normal escrow. I ask the customer service representative why and he said this is our policy. I asked if interest would be paid on that money and he said he was not sure. He asked if I was paid interest by my previous mortgage company and I stated yes if they kept it. GMAC would send a check for any overage so this would not occur.

I am in the process of obtaining legal advice because my loan originated in Texas and then transferred to Midland-Oklahoma so I am not sure of how this works from one state to another.

Will keep you informed.

Susan
Oak Point, Texas

Company: Midland Mortgage
Country: USA
State: Oklahoma
City: Oklahoma City
Phone: 8006544566
Site: mymidlandmortgage.com

  <     >