Can increase a bank’s my mortgage without notice?

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I bought my house last May. I just went to my online account and noticed it was $ 600 more to pay as usual. We called the bank and was told they did not expect to pay taxes in full this year? My escrow account is drained. We bought the house for what we have because we felt we could pay, but now that mortgage payments were increased by $ 600 per month, we can not leisten.Ich called tax collectors and one m has said that the tax fell 1k for this year is $ 5,300 to learn that the bank could not know, and why I did not receive a notice to all more info.? We have 30-year fixed rate HUD 184 loans.

3 Comments
  1. Reply
    lightupthesky25
    May 18, 2011 at 9:50 am

    The bank can increase the mortgage payment if there is not enough money in your escrow account to pay the insurance and property taxes. Most banks will refund you if there is a surplus in your escrow at the end of the year. But sometimes this leads to them raising your payments so that they are sure there will be enough in your escrow. If this happened to you, in the future you should call and request that if there is a surplus, that they leave it in your escrow.

    The bank should have known and you should have received a notice. Why you didn’t, only the bank can answer. But I don’t think there’s anything you can do about the increased mortgage payment other than pay it or sell the house.

  2. Reply
    Common Sense
    May 18, 2011 at 10:32 am

    You get an escrow statement. Read it.

  3. Reply
    nicki granvold
    May 18, 2011 at 11:14 am

    There are some perfect guides on exactly this topic. make sure you go here; http://www.1stmortgagenet.tk

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