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  1. #1
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Pay Attention

    If you fall asleep for one second...

    I got my mortgage statement as I do every month. Except this month my bill went up by almost $60.00. I'm in a fixed (VA)mortgage as I have been for years. My taxes also have not gone up either. Nothing has changed.

    After calling the national mortgage company I was informed that is was done for every customer, the computer does it automatically (not sure if it was a line or not). Its for an extra "escrow reserve" that they are implementing. My excrow account is already above what it should be and I usually get a small refund every year. They promptly fixed it for me as I'm aware of what they are legally allowed to do and this isn't it. I guess it's someones grand idea of how to fix the cash flow problem that they are having, I don't know.

    Just wanted all of you to be aware just incase you fell asleep for a second.

  2. #2
    Join Date
    Aug 2007
    Location
    Texas/Tejas
    Posts
    1,879

    Default Re: Pay Attention

    What branch of service were you in?

  3. #3
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Pay Attention

    Go Navy...beat Army!

  4. #4
    Join Date
    Aug 2007
    Location
    Texas/Tejas
    Posts
    1,879

    Default Re: Pay Attention

    Quote Quoting gigirle
    View Post
    Go Navy...beat Army!
    Damn it! I'm thinking about going into the Army!!!

  5. #5
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Pay Attention

    I have a fixed rate mortgage owned by Fannie Mae. Your servicer may do that for an extra cushion. They can NOT over pad you by law.

    You can complain and get your payment reduced.

    I have a question;

    Since everyone is bailing out everyone, what will that do for the people like us who work everyday, even if we are not up to it

    Why do some Americans get a REDUCED principal balance on their mortgage (loan modification) and the rest of us who never pay late are given the shaft for paying ontime???

    Is that how it works? you dont pay your bills so they modify your loan?? I would never do that, but it sure hurts when your neighbors do it and get a reduced principal balance on their mortgages

  6. #6
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Pay Attention

    Quote Quoting gigirle
    View Post
    If you fall asleep for one second...

    I got my mortgage statement as I do every month. Except this month my bill went up by almost $60.00. I'm in a fixed (VA)mortgage as I have been for years. My taxes also have not gone up either. Nothing has changed.

    After calling the national mortgage company I was informed that is was done for every customer, the computer does it automatically (not sure if it was a line or not). Its for an extra "escrow reserve" that they are implementing. My excrow account is already above what it should be and I usually get a small refund every year. They promptly fixed it for me as I'm aware of what they are legally allowed to do and this isn't it. I guess it's someones grand idea of how to fix the cash flow problem that they are having, I don't know.
    OMG - Same here. VA mortgage and my payment went up $55. They fixed my problem but you're right; if you fall asleep....

    I would rather they NOT hold the extra funds and earn interest on it - "It's my money and I need it now!"

  7. #7
    Join Date
    May 2006
    Location
    USA
    Posts
    663

    Default Re: Pay Attention

    Quote Quoting gigirle
    View Post
    Go Navy...beat Army!
    Did you know Navy stands for "Never Again Volunteer Yourself"?

  8. #8
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Pay Attention

    Quote Quoting OhMy
    View Post
    I have a fixed rate mortgage owned by Fannie Mae. Your servicer may do that for an extra cushion. They can NOT over pad you by law.

    You can complain and get your payment reduced.

    I have a question;

    Since everyone is bailing out everyone, what will that do for the people like us who work everyday, even if we are not up to it

    Why do some Americans get a REDUCED principal balance on their mortgage (loan modification) and the rest of us who never pay late are given the shaft for paying ontime???

    Is that how it works? you dont pay your bills so they modify your loan?? I would never do that, but it sure hurts when your neighbors do it and get a reduced principal balance on their mortgages
    I did complain and got my payment put back where it belongs. That's just it. I shouldn't have to. Had I NOT known my rights, they would have gotten away with it. I wonder since they screwed up if I would qualify for a loan modification? Think that will fly?

  9. #9
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Pay Attention

    Quote Quoting gigirle
    View Post
    I did complain and got my payment put back where it belongs. That's just it. I shouldn't have to. Had I NOT known my rights, they would have gotten away with it. I wonder since they screwed up if I would qualify for a loan modification? Think that will fly?
    Nah, the reason they hit you for the extra $60 a month, well its hmm, $720 a year, now if they do that by 1,000,000 loans think of all the extra money they get to hang onto.

    A loan modification is NO gift though. They can forgive payments but they add them to the end of the loan.

    They can reduce your principal balance BUT they take an ownership stake in your house.

    It is best to just do what you do. Pay the mortgage, but do NOT let them screw you on the escrow.

    Certain servicers (not mentioning any names here) ASC owned by Wells Fargo is known for over escrow which amounts to BILLIONS a year they get to hang onto.

    It is a common practice, but usually done to customers who have not been late on a loan payment in the last 12 months. See what being a good payer gets you?

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