We have a mortgage six months ago and now the bank, “said another payment period, he can do is to be fixed?

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we have a loan with Washington Mutual and now, after six months, said change in payment because the trust account and do not have enough money to send processor, they can pay even 2 / 28 fixed, and you know a good lawyer in real-time California State?

  1. Reply
    Omni D
    February 22, 2011 at 9:53 pm

    This sounds strange. The only reason your payment should go up during the fixed rate period is if your property taxes or insurance went up. Then, your escrow account would be short, and you would need to pay extra to catch up and pay the new amounts. If this is not what happened, take a copy of your promissory note to an attorney.

  2. Reply
    February 22, 2011 at 10:36 pm

    Your loan amount is not going up. The escrow account is. I have had a fixed rate mortgage for 5 years. My escrow periodically goes up. When the value of my home goes up, taxes on it increases which increases my escrow payment. It is normal. Read the fine print on your contract.

  3. Reply
    February 22, 2011 at 10:38 pm

    I do mortgage loans and it sounds like whomever processed your loan didn’t figure the impounds correctly. Impound accounts hold the money to pay your taxes and insurance. It could be the processor didn’t figure your insurance and taxes correctly when they started the loan and now that taxes are due there is a shortage in your impound account. If you have a 2/28 Arm that means the rate is fixed for two years then adjusts thereafter. Also, if you bought a brand newly constructed home you may have been hit with supplemental taxes (an increase from your original estimate of semi-annual taxes). Sometimes it was a processing error someone input the wrong figures initially and never adjusted it before your loan closed.

  4. Reply
    February 22, 2011 at 11:35 pm

    First of all if you have a fixed mortgage, the bank cannot change it.
    I suspect that the taxes on the property increased and that could be the reason for higher payments.

  5. Reply
    February 22, 2011 at 11:43 pm

    This is pretty standard.

    Usually, when you do the mortgage, they set the escrow amount to be the exact amount needed. Then a year later, they tell you the want at “cushion” than can be up to 1/6 of the escrow amount for the year. You pay extra for a year to build up the escrow, and then your payments should return to approximately what they were before (presumably, you also have to factor in some tax increases).

    Your mortgage itself is still the same, and assuming you started out with a fixed rate, it is still the same rate. This is just for the escrow part of your monthly payment.

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