Zillow Advice: Mortgage - Mortgage co miscalculated Escrow http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ Zillow Advice | Zillow Real Estate Recently we closed a home ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ Recently we closed a home in NJ and the title co did not collect or pay for the last quarter property tax its been 4 months since closing and now they say they found the mistake and want us to pay for it. &nbsp;Are they responsible<br/><br/>&nbsp; Thu, 29 Jan 2015 18:04:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2015-01-29T18:04:00Z I sent a complaint to the ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ I sent a complaint to the CFPB- but so far no real response. May take some time.&nbsp; Working on going through another refi with a different company, but having to pay closing costs 2 years in a row to get out of the mess is an expensive mistake. Sun, 18 Jan 2015 18:04:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2015-01-18T18:04:00Z After reading all the posts ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ After reading all the posts and talking with a few friends about this I am also convinced this is a stardard practive.<br/><br/>I just got an increase after my first year of $800 a month. A $10,000 mistake.<br/>I talked with the lender and they admitted they messed up and underestimated the property taxes. Not possible: they estimated the first year $1200.00, now it's 10k.<br/><br/>This is a shady practice at best and there must be something we can do isn't there? Fri, 09 Jan 2015 04:25:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2015-01-09T04:25:00Z This recently happened to ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ This recently happened to me...only CapWest mortgage (a division of Farmers Bank and Trust) underestimated mine by about $2000, and have now told me that I have to pay that difference and of course the new higher rate. I am quite convinced they do this on purpose in order to try and look more cost effective in the beginning...and once you are in ....they send you a letter months (in my case a year) later saying that it was underestimated. (Despite the fact I had been in the home for 6 years prior and provided them years worth of property tax and insurance information. This practice is grossly incompetent at best and corrupt at worst.&nbsp; <br/> Tue, 06 Jan 2015 03:14:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2015-01-06T03:14:00Z Is there a "best place" to ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ Is there a "best place" to address this situation?<br/>===================<br/>Yes, call the settlement agent you chose to do the settlement on the loan. They researched and provided the tax amount that was used to set up your escrow account initially. That'd be a &nbsp;good place to start and then match it up to the escrow analysis, along with the current tax bill and tax assessment to see if it was truly short or just an accounting error. Thu, 27 Nov 2014 00:28:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2014-11-27T00:28:00Z This just happened to us ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ This just happened to us as well. Wells Fargo (hmmm!) just sent us a $500 increase in our Mortgage payment because of our underpayment of our tax bill. This loan was taken over from M &amp; T Bank. We bought the house a little over a year ago. This needs to be stopped. The banks need to be held responsible for deceiving everyone. Is there a "best place" to address this situation? Tue, 25 Nov 2014 16:08:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2014-11-25T16:08:00Z @angryhomeowner17:While you ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ @angryhomeowner17:<br/><br/>While you may have missed it at closing, it is now time to delve into the real numbers and calculate them for yourself.&nbsp;&nbsp; More than once we've been over charged escrow and received back a couple thou after a year of payments.&nbsp;&nbsp; <br/><br/>What are your property taxes?<br/>What are your insurance rates?&nbsp;&nbsp; <br/>Do the numbers they are quoting you add up properly so they'll have the full escrow amount built up by annual bill time or will they have a big slush fund?&nbsp;&nbsp; <br/>You've been burned once, don't let it happen again.<br/><br/>I happen to love numbers so go through the hud statement with a fine tooth comb.&nbsp; Every time we've purchased a property we've found at least one major error that was glaring even when wearing sunglasses on a moonless night.&nbsp; The last time it was to the tune of 5% of the cost of the house - not in our favor.<br/><br/><br/><br/> Thu, 28 Aug 2014 04:26:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2014-08-28T04:26:00Z I echo the misery of the ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ I echo the misery of the previous naive borrowers.&nbsp; I purchased my first home in 2013 through Main Street Bank, which sold my mortgage to Wells Fargo.&nbsp; Now I know why.&nbsp; I have just received my latest statement, which informs me that my escrow is undervalued by $1,400.&nbsp; My mortgage increase will go up by $200.&nbsp; Also, the taxable value of my property increased by about $17,000 due to "uncapping".&nbsp; I have no doubt that my lender lied in order to sell me a mortgage.&nbsp; This kind of deceptive practice by lenders should be a felony.&nbsp; Guess that's what I get for being stupid and not using a lawyer. Thu, 28 Aug 2014 04:01:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2014-08-28T04:01:00Z Cracks me up how so many ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ Cracks me up how so many of you "experts" keep talking about tax increases and assessments! Are you not reading their posts? The inquiry is about underestimations of escrow at closing, not increases. This happened to me too, and I believe they did it to make it "seem" more affordable, and now a year later I'm looking at payments I can't afford. I can see why there was a housing crisis now. Fri, 11 Apr 2014 21:24:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2014-04-11T21:24:00Z So your taxes really are ... http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ So your taxes really are $1400/year with split billing of two $700 payments with no adjustment needed?<br/> Mon, 13 May 2013 18:12:00 GMT http://www.zillow.com/advice-thread/Mortgage-co-miscalculated-Escrow/3320/ 2013-05-13T18:12:00Z