Mortgage Gotcha!

**Judi Dial** · 07-28-2009, 02:58 PM

Hi.

We have a VA loan through Chase (the bank I love to hate).

Last month our land taxes for the 1/2 went down...for some (as yet unexplained) reason, Chase RAISED our required escrow amount. DH paid the same amount in June that he had in May...and so now they've dinged us a late fee of $46 for a $80 shortfall.

I'm really glad I'm on this "neat" kick, as I actually opened our mortgage statement when it arrived, I usually just stash them and file them once or twice a year. And, as always when I do open them, I look at the amount due...and got a SHOCK this time, let me tell you!

We're eligible for a VA re-fi and it would save us $$$ anyway, so I think this has provided me the shove I needed to get DH onboard re that. In the long run it will save us money (and me a good deal of stomach acid. I HATE Chase bank).

Judi

**Greebo** · 07-28-2009, 03:02 PM

Bet you're going to start reading that statement every month too, now...

**Greebo** · 07-28-2009, 03:04 PM

And I am sorry, but it has to be said:

This isn't a mortgage gotcha. I'm not one to defend Chase if I can at ALL help it - I do NOT like Chase - but if you and DH pay the mortgage w/o looking at the statement and this is the first time you've looked at in months...this bed is of your making, not theirs.

Sorry. And good luck with the refi.

**Judi Dial** · 07-28-2009, 03:26 PM

We do look at it, online, but usually only the outstanding balance as this has been the only "problem" we've had. This caught us because they changed the amount of the escrow required UP even though the taxes went DOWN, so we thought we were still OVERpaying the mortgage, not underpaying it.

I don't look at the paper statements every month, and apparently DH just paid the same amount from the checking account rather than looking at it online last month. But the change happened in June, the first payment it affected was July 1, so we aren't exactly being negligent!

What worries me about this is that they RAISED our escrow when the amount due went DOWN?

Judi

**Greebo** · 07-28-2009, 03:32 PM

There could be any number of reasons for that. Escrow doesn't JUST cover taxes - it covers insurance as well. Did your insurance go up? Do you know if the escrow had enough money in it when the tax payment came due to cover the taxes?

You should, either online or via the statement, be able to see the current escrow balance and transaction history for the escrow portion of the mortgage.

**Karen1** · 07-28-2009, 04:15 PM

Yea you gotta read the statements---cause when we assume the payments are the same---zoweey we get nailed. I know!

good thing you can re-fi and save money soon!!!

I hate CITI Bank big time...HA HA HA--me and them didn't get along well.
chase was kinda ok but I cancelled their cc card. so they are gone now too..LOL

**Preston** · 07-28-2009, 07:34 PM

When you refi look into handling your own escrows.

I am currently working on refi and I am pretty insistent that I deal with the property taxes and insurance. I will keep a special savings acct for this.

**Palooka** · 07-28-2009, 09:11 PM

We do our own escrows as well.

**zakity** · 07-28-2009, 11:30 PM

You can't with VA loans. For some reason, they have to pay the stuff.

**frugalfranny** · 07-29-2009, 12:03 AM

Originally Posted by zakity

You can't with VA loans. For some reason, they have to pay the stuff.

Am told that quite a few companies are insistent that they do their own too. Couple friends have tried. Guess they don't want to hassle with you if you don't have insurance or don't pay the taxes.
Will be curious if you find someone that will let you......in the regular mortgage lender field.......let me know who it is if you find someone.

Palooka....since you do your own, does a mortgage co. have your loan?

Ah yes, Chase........I love to hate it too......but got stuck (Wa Mu) and still have accts. there. B of America is worse!

**Palooka** · 07-29-2009, 12:22 AM

Originally Posted by Frugalfanny

Palooka....since you do your own, does a mortgage co. have your loan?

Yes, was Countrywide and now evil Bank of America.

**frugalfranny** · 07-29-2009, 12:39 AM

Originally Posted by palooka

yes, was countrywide and now evil bank of america.

eeeeeeeewwwwwwww!

**Palooka** · 07-29-2009, 12:54 AM

Originally Posted by frugalfranny

eeeeeeeewwwwwwww!

lol, I need a hug.

**2ndGenGranola** · 07-29-2009, 08:18 AM

Originally Posted by Palooka

Yes, was Countrywide and now evil Bank of America.

That was a major step UP to Bank of America. There are just no words to describe how slimy Countrywide is.

**2ndGenGranola** · 07-29-2009, 08:23 AM

We do our own tax and insurance too. We refi and our house payment is mid $800. Had we not refi we would be paying $1500 for everything. According to my math, there is something funny there. Our tax and insurance is no where near there.