I have had the mortgage on my house for two years with no problems. Then America's serving Company purchase my mortgage. After the purchasing of my mortgage they sent me a note stating that they did an analysis on my escrow fund and I am going to be short. Resulting in a higher monthly payment for me. Now if my property taxes or insurance had gone up I could understand the need to pay more but it hadn't, everything was the same.
After calling the company the only ones that you can talk to is customer service, they can not transfer you to the escrow department or any where else. But they can mail me some complaint forms. The script that customer service follows is that their company requires a minimum balance. For my property it would be $1000 and this would be for any unforeseen expenses. This makes it sound like the amount of the minimum balance depends and is not standard for one thing.
After asking what unforeseen expenses could come up with out prior notice they could not answer this question. I pointed out that I had not had any problem until now and the fact that they purchased my mortgage was resulting in a $1000 penalty for me. They said they looked at it another way.
The fact of the matter is from my point of view is they want a $1000 form all of the people that they are holding the notes on so they can use the money to purchase more notes or to collect the interest off of it.
Either way they are CROOKS
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