I am very annoyed with Washington Mutual .. over the past 2 1/2 years .. there have been 3 shortages in our escrow .. and it's not like our taxes or insurange have taken big jumps to justify the shortages.
Last year, they asked for a big chunk if we wanted our monthly payment to remain about the same .. now .. here we are 1 year later .. and they are asking for a similar big chunk .. but this year, regardless of the shortage payment, the monthly payment is going to increase significantly!!!
What is their problem????
(I plan on calling and asking them)
LuvMyMichael
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Re: Mortgage Escrow Shortages!
Oh my goodness.....we are getting our mortgage from Wash Mutual also....should I be nervous? cause now I am.
Keep in touch and let us know whats goin on.
Thanks.
trnity44
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Re: Mortgage Escrow Shortages!
The same thing just happened with us. We got our mortgage through chase. They sent us a letter saying that we needed to pay them a fairly large sum of money (it was a little bit more than our mortgage), if we wanted our monthly payment to remain the same due to a shortage in our escrow. I think its pretty common.
Kel
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Re: Mortgage Escrow Shortages!
'Pretty common' to happen from time-to-time .. yeah .. maybe .. but this is insane!! Even when we got bumped around from mortgage company to mortgage company in the first couple of years we were in the house we never had these problems .. and after being sold off to WaMu .. everything was fine (we even once got a refund!!!) .. but the past 2 years or so have been VERY different.
2 Big Shortages in 12 months = PROBLEM!!
They need to fix their escrow calculators! Because they are WAY off!
blushingbride2003
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Re: Mortgage Escrow Shortages!
Is a mortgage escrow mandatory?
agv
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Re: Mortgage Escrow Shortages!
Can someone explain what this means. I am under contract right now finalizing mortgage issues and I never heard of a motgage escrow??
Kel
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Re: Mortgage Escrow Shortages!
The escrow is money held aside by the mortgage company to pay your taxes & insurance.
I believe in the first year .. it's up to you to make the payments (aren't they at closing???? it's been so long) .. because it takes that time for the money to accumulate into the escrow account for the payments.
skew
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Re: Mortgage Escrow Shortages!
i don't understand. if your taxes or insurance premium increases doesn't the town and insurance company notifiy you so that you can make the needed payment adjustments?
how can the bank claim there is a shortage?
skew
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Re: Mortgage Escrow Shortages!
Posted by blushingbride2003
Is a mortgage escrow mandatory?
NO you have the option of paying on your own.
070502
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Re: Mortgage Escrow Shortages!
Countrywide did it to us as well and yes it does suck!
blushingbride2003
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Re: Mortgage Escrow Shortages!
Isn't it best to pay on your own than to have a mortgage escrow?
skew
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Re: Mortgage Escrow Shortages!
Posted by blushingbride2003
Isn't it best to pay on your own than to have a mortgage escrow?
IMO, yes. i would rather have control of my money and earn interest then hand it over to the mortgage company for them to control and earn interest. again, that is just me though.
Diane
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Re: Mortgage Escrow Shortages!
Posted by Kel
I am very annoyed with Washington Mutual .. over the past 2 1/2 years .. there have been 3 shortages in our escrow .. and it's not like our taxes or insurange have taken big jumps to justify the shortages.
Last year, they asked for a big chunk if we wanted our monthly payment to remain about the same .. now .. here we are 1 year later .. and they are asking for a similar big chunk .. but this year, regardless of the shortage payment, the monthly payment is going to increase significantly!!!
What is their problem????
(I plan on calling and asking them)
same thing has happened to me
Buttafli1277
Posted:
Member since
Re: Mortgage Escrow Shortages!
We use CountryWide, and this was the second year in a row that we had an escrow overage. We got a big check back. You should talk to your bank about being under. They should be the ones making sure there is enough in escrow to pay for everything.
